Azora expands in Greece with the acquisition of the Sheraton Rhodes Resort 5*

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  • The Sheraton Rhodes Resort is a 5-star beachfront hotel on the island of Rhodes, Greece, with 401 keys and extensive facilities
  • Deal Highlights Azora’s Strong Conviction for the Sun and Beach Hospitality Sector in Targeted European Destinations

Azora, the Madrid-based European property investment manager, has completed the acquisition of Sheraton Rhodes Resort, a 5* hotel on the island of Rhodes, Greece, on behalf of Azora European Hotel & Lodging, FCR (Azora EH&L or the “Funds”), Lampsa Hellenic Hotels SA (“Lampa”).

The Sheraton Rhodes Resort will continue to be operated by Marriott and offers 401 keys, most of which enjoy waterfront views. The resort offers a range of high-end facilities, including five dining outlets, three swimming pools outdoor areas, an indoor spa with indoor swimming pool, a kids club, sports and leisure facilities, 15 meeting rooms and more than 3,000 m² of MICE facilities to accommodate companies. or social events, including weddings.

Xenios Investments Partners partnered with Azora to identify opportunities in the Greek market, in addition to providing support in the most recent transaction. This acquisition represents the first hotel acquisition in Greece and complements its existing portfolio of 34 hotels with approximately 9,300 keys, located in Spain, Italy, Portugal and Belgium. Azora continues to work actively, given the potential and attractiveness of the Greek market.

Concha Osácar, one of Azora’s founding partners, commented: “This transaction reflects our strong belief in the hospitality sector across the Mediterranean. The expansion of our presence in Greece is an important step 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 long-standing appeal, not only to attract European visitors, but also to cater to the growing tourist base in the United States. Our latest acquisition is an asset of exceptional quality and is strategically located in one of the most desirable islands in the Aegean Sea. Additionally, the hotel will continue to be managed by a leading operator, Marriott, and we look forward to partnering with them in this endeavor.

About Azora

Founded in 2003, the Azora Group (“Azora”) is one of Spain’s leading vertically integrated real estate investment and asset management companies, with approximately €6.2 billion in assets under management in Europe and in the United States. Over the past 19 years, Azora has grown to over 250 professionals with extensive experience across the full spectrum of real estate investing, including sourcing, structuring and investing, new developments and repositioning, asset management, rental and sale of individual assets or portfolios.

Azora specializes in different types of assets: residential, hospitality, logistics, offices, senior residences and renewable energies and promotes new lines of investment in leisure, data centers and infrastructure.

Azora pioneered the residential rental segment in Spain, launching its first BTR vehicle in 2003 and currently managing the largest portfolio of purpose-built residential rental assets in Spain, with approximately 15,000 units under management. Azora has also pioneered other social segments of living space, including student accommodation (where it has built the largest portfolio of student accommodation in continental Europe; RESA) and senior living (currently investing in Spain via Adriano Care).

Following its newly created partnership in the US (Azora Exan), Azora is also finalizing the launch of a US multi-family fund, focused on Sunbelt states and with a value-added approach. Through Azora Exan, Azora will continue to expand its presence in the United States (where it has owned hotels for several years) in the residential, hotel, logistics and office segments.

Talia Jessener
Senior Advisor, Strategic Communications
AZORA Group

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