Spanish real estate investor Azora plans to invest at least €400 million in the hotel sector this year as it looks to build its portfolio in Southern Europe.
The fund, called Azora European Hotel & Lodging, was launched in 2020 with raising an initial €680 million.
"Between now and before the summer we will have invested 200 million, which we are ending. We will end the year with a minimum investment of 400 million in the hotel sector," said Azora’s co-founding partner Concha Osácar, at a real estate conference organized by the IESE Business School.
The fund has a hard cap of €750 million and an implied total capacity of more than €1.5 billion to invest in leisure hotel opportunities across Europe, with a special focus on Spain.
"We have returned again. This time with a broader vision. We have a fund that is operating that has an investment capacity of almost 1,500 million euros in assets in the Mediterranean, with a more important weight obviously in the Iberian Peninsula, but also in southern Europe ," Osácar said in comments quoted in Spanish newspaper Cinco Días.
Earlier this year Azora announced the hotel fund’s first deal with the acquisition of Arenas Resort Giverola, in the Costa Brava region of Spain, from Swiss hotel group Arenas The Resorts.