Investment

Azora adds another Algarve hotel

Azora, the Madrid-based European private equity real estate manager, has added another Algarve hotel to its growing portfolio.

The deal, through its Azora European Hotel & Lodging fund, is for the 5-star luxury Vilalara Thalassa Resort, according to reports in the Spanish press. It is the fourth deal since the fund’s inception.

The 118-room-and-suite property is located in the Porches municipality.

"The operation of the Hotel Vilalara reinforces our conviction about the recovery of tourism in Europe  and the unique positioning of the Algarve to be a protagonist in this recovery,” Concha Osácar, co-founder partner of Azora, said.

The hotel is currently operated by Blue & Green.

The deal follows the announced acquisition last month of Tivoli Marina Vilamoura resort and the Tivoli Carvoeiro resort from Minor International for €148 million.