Azora Acquires Bluserena, Italy’s Second Largest Resort Hotel Operator
Main Photo: Bluserena’s resort in Sicily – Serenusa Village
Date: December 2021
Name: Bluserena Resort SPA
Location: Across Italy
Number of Keys: 4,200
Seller: Carlo Maresca SPA
Buyer: Azora Group
Azora, the Madrid-based European private equity real estate manager, has completed the acquisition of Bluserena SPA, the second largest resort operator in Italy, from the Maresca family.
The acquisition was completed on behalf of Azora’s latest pan-European hospitality fund, Azora European Hotel & Lodging. F.C.R. Azora Group has raised capital in excess of €5 billion since its inception in 2003 and currently manages an asset portfolio of c.€4 billion.
Founded in 1985 by Carlo Maresca SPA, Bluserena manages a portfolio of 13 hotels, eight of which it owns. The hotels are spread across the main Italian tourist coastal destinations including Sardinia, Sicily, Apulia, Abruzzo, Piedmont and Calabria.
The portfolio totals over 4,200 keys and consists of eleven four-star category hotels (villaggi) and two five-star resorts with full board and all-inclusive offerings, attractive beaches and a wide range of entertainment amenities, including swimming pools, sports facilities and clubs for children and youngsters.
The transaction includes the acquisition of the Bluserena operating platform, which will continue to be located in Pescara (Abruzzo).
Azora aims to further strengthen the Bluserena brand by implementing a c. €30 million investment programme across the owned hotels and by continuing to grow the company through new hotel acquisitions as well as new leasing and management contracts in the Italian market, consolidating its position as a leading player in the country.
Concha Osácar, co-founding partner of Azora, commented: “This transaction reconfirms Azora’s conviction in the long terms prospects for the European leisure market and our belief that there is also significant pent-up demand for leisure travel due to COVID which will lead to a strong recovery in the market as vaccination programmes continue to progress across Europe. The acquisition of this major Italian operator is part of our commitment to the European hotel sector and particularly to the Italian market, as one of the most popular holiday destinations in the Mediterranean, backed both by strong domestic demand and growing international tourism in regions such as Puglia, Sicily and Sardinia.”
Silvio Maresca, CEO of Bluserena, commented: “We believe that Bluserena is ready to take a new qualitative leap at the hands of a European fund like Azora. Azora seemed to us the most suitable partner to continue Bluserena’s story and to boost its growth. They have seen in Bluserena a leading hotel management platform in Italy and, as such, a tool for future development. Bluserena is now beginning a growth phase in the Italian market, which will create opportunities for the team and for the city of Pescara, where Bluserena’s headquarters will remain.”
Price: Undisclosed
THPT Comment: This deal gives Azora not only management of thirteen (eight owned) resort hotels but the Bluserena hotel management platform. After their recent activity in Spain & Portugal, good to see this major move in Italy.
First Seen: Private Equity Wire
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