Azora Acquires Two 5-Star Hotels in the Algarve for €148 Million

Azora is increasing its investment in its hotel fund through its acquisition of two new hotels, which will be operated under the NH Hotel Group banner and is preparing new acquisitions for this summer.

Azora European Hotel & Lodging has acquired two five-star hotels in the Algarve for148 million euros.  It has also finalised a management contract for its units with Minor International (MINT). The main assets included in the transaction are the Tivoli Marina Vilamoura resort and the Tivoli Carvoeiro resort.

The Tivoli Vilamoura has 383 ocean-front rooms, along with seven restaurants and bars, a spa, sports and leisure facilities and an adjacent congress centre. A total of €12 million has been invested in renovations over the last five years.

The 248-room Trivoli Carvoeiro is smaller. Both units were renovated, although the investment in this one was higher (15 million euros). It also has five restaurants, a spa and a space for events.

Concha Osácar, co-founding partner of Azora, guaranteed that they are building a solid portfolio with new investment opportunities and for this they are in talks with owners and operators. “The market has many owners looking to recapitalise and work with an owner like Azora, who understands the dynamics of the sector and can be a long-term partner,” he explained.

NH Hotel Group will operate both assets for the next 20 years on behalf of Minor International, with the option to extend a further ten.

The Azora fund has an investment capacity of €1.5bn, most of which is earmarked for sun and beach assets. It has already made acquisitions such as the Giverola Resort portfolio, comprising ten resort hotels, four city hotels across Europe, and a 213-room aparthotel on the Costa Brava. The Spanish group will invest €200 million by the summer and €400 million by the end of the year.