Azora enters Greek market with resort hotel acquisition

Azora enters Greek market with resort hotel acquisition
The Sheraton Rhodes Resort

Madrid-based European real estate investment manager Azora has acquired the Sheraton Rhodes Resort, a 5-star hotel in the island of Rhodes, Greece on behalf of the Azora European hotel & lodging fund from Lampsa Hellenic Hotels S.A.

The Sheraton Rhodes Resort will continue to be operated by Marriott and offers 401 keys, most of which benefit from waterfront views.

The resort offers a range of premium facilities, including five F&B outlets, three exterior swimming pools, an interior spa with an indoor swimming pool, a kid’s club, sports and leisure facilities, 15 meeting rooms and +3,000 sqm of MICE facilities to host corporate or social events, including weddings.

This acquisition represents the first hotel acquisition in Greece and complements its existing portfolio of 34 hotels with c.9,300 keys, located across Spain, Italy, Portugal, and Belgium.

Azora said it continues to work actively, given the potential and the appeal of the Greek market.

Concha Osácar, one of Azora’s Founding Partners, commented: “This transaction reflects our strong conviction in the hospitality sector across the Mediterranean. Expanding our presence into Greece is an important milestone for the Fund, as we are now active in the most consolidated sun and beach destinations in Europe (Spain, Portugal, Italy and now Greece).”

”We strongly believe in the Greek market and its longstanding appeal, not only for attracting European visitors but also to cater to the growing US tourist base. Our latest acquisition is an asset of exceptional quality and is strategically located in one of the most popular islands of the Aegean. Moreover, the hotel will continue to be run by a bestin-class operator, Marriott, and we look forward to partnering with them in this endeavour.”