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Since 2011, Azora has become one of the leading investors in the hospitality and leisure segment across Europe, having managed more than 85 hotels and 26,000 hotel keys with €3.3bn investment.

We are value-oriented investors targeting high-quality assets and businesses that may need active management and repositioning, where we partner and work hand in hand with leading operators.

We leverage our extensive operational expertise, rigorous analysis, unmatched local market knowledge, and real estate capabilities to identify unique investment opportunities and continuously improve our assets and businesses, while improving their ESG performance, to deliver superior returns for our investors.

USA
Spain Portugal Italy Greece Switzerland
Belgium Germany France United Kingdom
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Total
Current
Realized

Megatrends driving our investments

The Travel & Tourism industry has historically grown faster than the global economy and is expected to maintain its outperformance in the future.

Leisure travel is the driving force behind this strong performance fueled by changing consumer attitudes and demographic dynamics. Europe captures fifty percent of the international travel consolidating itself as the main leisure destination globally.  Tourism is a key industry in Europe, with strong growth fundamentals, experiencing a phenomenal transformation fostered by creativity and innovation.

Javier Arús & Gonzalo García-Lago Partners
Javier Arús & Gonzalo García-Lago

Investment Portfolios

Azora European Hotel & Lodging, FCR

43 Assets
key 11,500 Keys

Continuing our successful strategy in the hospitality sector and capitalizing on the global tourism megatrend, this fund was established to target further hospitality investments, with a particular focus on the large vacation lodging and leisure industry, through value-add and opportunistic investments in lodging and other leisure alternative investments located in cities, the countryside and mountain and coastal locations across Europe.

1,800
Investment Capacity (€M)
1,500
AuM (€M)
Portfolio
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Grand Palladium Sicilia Resort & Spa

Italy

Bless Hotel Ibiza

Spain

TRS Ibiza Hotel

Spain

Hotel Rio Park

Spain

Hotel Riudor

Spain

Hotel Regente

Spain

Hotel Flamingo Oasis

Spain

The Agir Springs Hotel

Spain

Hotel Riviera

Spain

Hotel Pez Espada

Spain

LaTroupe La Granja

Spain

LaTroupe Grand Place

Belgium

LaTroupe Prado

Spain

Praça do Comércio

Portugal

Giverola Resort

Spain

Giverola Camping

Spain

Tivoli Marina

Portugal

Tivoli Carvoeiro

Portugal

Vilalara Thalassa Resort

Portugal

Serenusa Village

Italy

Sansicario Majestic

Italy

Is Serenas Badesi Village

Italy

Calaserena Village

Italy

Granserena Village

Italy

Torreserena Village

Italy

Serena Majestic

Italy

Serené Village

Italy

Sibari Green Village

Italy

Valentino Village

Italy

Calanè Village

Italy

Alborea Ecolodge Resort

Italy

Kalidria Hotel & Thalasso SPA

Italy

Tivoli Alvor Algarve Resort

Portugal

The Lodge Wine

Portugal

Sheraton Rhodes

Greece

Grand Palladium Sicilia Resort & Spa

Italy

Serenusa Village

Italy

Sansicario Majestic

Italy

Is Serenas Badesi Village

Italy

Calaserena Village

Italy

Granserena Village

Italy

Torreserena Village

Italy

Serena Majestic

Italy

Serené Village

Italy

Sibari Green Village

Italy

Valentino Village

Italy

Calanè Village

Italy

Alborea Ecolodge Resort

Italy

Kalidria Hotel & Thalasso SPA

Italy

Bless Hotel Ibiza

Spain

TRS Ibiza Hotel

Spain

Hotel Rio Park

Spain

Hotel Riudor

Spain

Hotel Regente

Spain

Hotel Flamingo Oasis

Spain

The Agir Springs Hotel

Spain

Hotel Riviera

Spain

Hotel Pez Espada

Spain

LaTroupe La Granja

Spain

LaTroupe Prado

Spain

Giverola Resort

Spain

Giverola Camping

Spain

LaTroupe Grand Place

Belgium

Praça do Comércio

Portugal

Tivoli Marina

Portugal

Tivoli Carvoeiro

Portugal

Vilalara Thalassa Resort

Portugal

Tivoli Alvor Algarve Resort

Portugal

The Lodge Wine

Portugal

Sheraton Rhodes

Greece

Hispania

Azora launched Hispania Real Estate Investment Trust in 2014 to focus on creating a high-quality portfolio of real estate assets including residential, offices, and hotels located across Spain. Following its IPO in March 2014, Hispania raised over EUR1 billion from investors.

Through Hispania, Azora became Spain’s largest owner of resort hotel rooms with more than 13,000 keys across 46 hotels. Over the years, these hotels were gradually repositioned to be managed by established operators under long-term lease contracts with fixed and variable components. In the office segment meanwhile, by the end of 2018, Hispania had a portfolio of more than 156,000 sq m of space across 25 buildings in the main business districts of Madrid and Barcelona. The last tranche of the Hispania portfolio was made up of 5 built-to-rent buildings in Madrid and Barcelona with a total of over 550 homes.

In July 2018, Azora sold the investment platform Hispania to Blackstone. At the time, it had EUR 2 billion of investments in hotels, over EUR 667 million in offices, and over EUR 232 million in residential assets. The sale generated an internal rate of return of 19% for Hispania’s shareholders. Azora concluded its management mandate for Hispania in February 2019.

2.002

Max. AuM (€M)

46 (13,100 keys)

Max. Portfolio
Carey Value Added

Azora stepped in as G.P. of Carey in 2011 replacing the preexisting manager as the fund was under severe distress and had filed for pre-bankruptcy protection. Carey owned fourteen hotels in the main European and US gateway cities (London, Paris, Berlin, NYC, and Washington DC, among others), valued at EUR 630 million.

Azora successfully completed the full turn-around of the fund, negotiating with hotel operators, refinancing, creating value through selective capex programs, and selling assets, generating 2.6x cash-on-cash for Azora's investors. The fund has been divested (although two assets remain on Azora's balance sheet).

630

Max. AuM (€M)

14 (1,900 keys)

Max. Portfolio
Javier Arús
Javier Arús
Partner
Gonzalo García-Lago
Gonzalo García-Lago
Partner
Macarena Fernández-España
Macarena Fernández-España
Asset Mgmt. Director
María Luisa Vara
María Luisa Vara
Legal Director
Manuel de Lacalle
Manuel de Lacalle
Investment Director
Isabel Enríquez
Isabel Enríquez
Investment Associate
Olivia Gumuzio
Olivia Gumuzio
Investment Associate
Pedro de Vega
Pedro de Vega
Investment Associate
Paloma López Jove
Investment Associate
Pedro Fenollar
Pedro Fenollar
Asset Mgmt. Associate
Sara Muñoz
Asset Mgmt. Associate
César Álvarez
Product Development Director
Lara Arroyo
Lara Arroyo
Project Director
Raúl Iglesias
Raúl Iglesias
Project Director
Javier Arús
Javier Arús
Partner
Gonzalo García-Lago
Gonzalo García-Lago
Partner
Macarena Fernández-España
Macarena Fernández-España
Asset Mgmt. Director
María Luisa Vara
María Luisa Vara
Legal Director
Manuel de Lacalle
Manuel de Lacalle
Investment Director
Isabel Enríquez
Isabel Enríquez
Investment Associate
Olivia Gumuzio
Olivia Gumuzio
Investment Associate
Pedro de Vega
Pedro de Vega
Investment Associate
Paloma López Jove
Investment Associate
Pedro Fenollar
Pedro Fenollar
Asset Mgmt. Associate
Sara Muñoz
Asset Mgmt. Associate
César Álvarez
Product Development Director
Lara Arroyo
Lara Arroyo
Project Director
Raúl Iglesias
Raúl Iglesias
Project Director