Real estate investment manager Azora has bought the Sheraton Rhodes Resort from Lampsa Hellenic Hotels for $44.8 million.
The Sheraton Rhodes Resort, which will continue to be operated by Marriott, offers 401 keys and a range of facilities, including five F&B outlets, three exterior swimming pools, an interior spa, 15 meeting rooms and +3,000 sqm of MICE facilities to host corporate or social events, including weddings.
This acquisition represents the Madrid-based firm's first hotel acquisition in Greece. Its current portfolio comprises 34 hotels with around 9,300 keys, located across Spain, Italy, Portugal, and Belgium.
Azora continues to work actively, given the potential and the appeal of the Greek market.
The acquisition is on behalf of the Azora European Hotel & Lodging fund.
Recent acquisitions
Azora has been an active buyer in the European resort market over the last couple of years. In May it bought the Pestana Blue Alvor, a five-star hotel in Portugal’s Algarve region. In November last year it completed the acquisition of Bluserena, the second largest resort operator in Italy, from the Maresca family.
What they said
Concha Osácar, one of Azora’s founding partners, said: “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 best-in-class operator, Marriott, and we look forward to partnering with them in this endeavour.”