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Insight Comment |
Azora and the Med Playa hotel group have started the repositioning of two hotels in Benidorm, the Hotel Riudor and the Hotel Flamingo Oasis.
The refurbishment project implies an investment of around €11 million and includes accessibility solutions and the sustainability and energy efficiency improvements.
Both hotels, which are part of the Azora European Hotel and Leisure (AEHL) fund’s seed portfolio, have obtained BREEAM certification in the use of sustainable buildings and are scheduled to reopen in March (Flamingo Oasis) and May (Riudor).
Last September Azora held the final close for AEHL, its latest pan-European hotel investment fund, reaching €815 million in total commitments, plus additional co-investment capital.
AEHL, which has already committed more than 55% of its investment capacity, invests in European tourism with an aim to put money into both traditional beach and mountain destinations, as well as in the main European tourist cities.
The fund now has a total of 31 hotels in Europe.
What They Said
Concha Osácar, co-founding partner of Azora, said: "Azora believes that the hotel sector continues to offer numerous investment opportunities to generate value through repositioning and active management. At Azora, we are convinced that value creation also involves applying the latest trends in energy efficiency and sustainability in the repositioning we carry out to improve both the user experience and the environmental impact of our facilities.
Daniel Colomer, project manager at Med Playa, explains that these refurbishments "represent a very important leap in quality and repositioning of the assets. It will allow us to be able to cater to the most demanding and high-end clients in the European holiday tourism market, especially the British. At the moment, Med Playa is a flagship with all the standards of quality and sustainability".