Azora is preparing to launch its second dedicated hotels fund with a potential purchasing capacity of €2 billion.
According to Spanish newspaper Cinco Dias, the company wants to raise around €1 billion, which together with debt would make its second hotel-specific fund larger than its first.
Like its predecessor, the fund would target value-add opportunities in the leisure space across southern Europe.
Why it matters
Azora has been an active participant in the hotel tarnation market over the past couple of years and the launch of a new fund would see it remain so.
As well as spending money buying hotels, Azora is also spending more refurbishing them. Earlier this year it said it would spend €2.5 million to decarbonise a seven-hotel portfolio.
Azora’s most recent purchase was the Hotel Tryp Chamartin for around $36.6 million earlier this year.
Javier Arús, senior partner hospitality leisure at Azora will be speaking at the upcoming Resort and Residential Hospitality Forum in October.
Hospitality Investor has approached Azora for comment.