Azora Expands Into Greece With The Acquisition Of Five-Star Sheraton Rhodes Resort
Main Photo: The stunning pool area at the Sheraton Rhodes
Date: August 2022
Name: Sheraton Rhodes Resort
Location: Rhodes, Greece
Number of Keys: 401
Seller: Lampsa Helenic Hotels SA
Buyer: Azora, the vertically integrated, Spanish real estate investment and asset management firm, with c.€6.2 billion of assets under management across Europe and the US. They have extensive experience across the spectrum of real estate investing, including sourcing, structuring and investing, new developments and repositioning, asset management, leasing and sale of individual assets or portfolios….and have been “hotel hungry” in the past 18 months
Azora European Hotel & Lodging, the Madrid-based European real estate investment manager, has completed the acquisition of the Sheraton Rhodes Resort, a 5* hotel in the island of Rhodes, Greece from Lampsa Hellenic Hotels S.A.
The Sheraton Rhodes Resort will continue to be operated by Marriott and offers 401 keys, most of which benefit from waterfront views. The resort offers a range of premium facilities, including five F&B outlets, three exterior swimming pools, an interior spa with an indoor swimming pool, a kid’s club, sports and leisure facilities, 15 meeting rooms and +3,000 sqm of MICE facilities to host corporate or social events, including weddings.
Xenios Investments Partners has been a partner to Azora in identifying opportunities on the Greek market, alongside providing support in the most recent transaction. This acquisition represents the first hotel acquisition in Greece and complements it’s existing portfolio of 34 hotels with c.9,300 keys, located across Spain, Italy, Portugal, and Belgium. Azora continues to work actively, given the potential and the appeal of the Greek market.
Concha Osácar, one of Azora’s Founding Partners, commented : “This transaction reflects our strong conviction in the hospitality sector across the Mediterranean. Expanding our presence into Greece is an important milestone 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 longstanding appeal, not only for attracting European visitors but also to cater to the growing US tourist base. Our latest acquisition is an asset of exceptional quality and is strategically located in one of the most popular islands of the Aegean. Moreover, the hotel will continue to be run by a best-in-class operator, Marriott, and we look forward to partnering with them in this endeavour.”
Azora pioneered the rented residential segment in Spain, launching its first BTR vehicle in 2003 and currently managing the largest portfolio of purpose-built rented residential assets in Spain, with c.15,000 units under management. Azora has also pioneered other social-linked segments of the Living space including student housing (where it built out the largest student housing portfolio in Continental Europe; RESA) and senior living (currently investing in Spain through Adriano Care).
Following its newly created partnership in the USA (Azora Exan), Azora is also finalising the launch of a US Multifamily fund, focused on the Sunbelt States and with a value-add approach. Through Azora Exan, Azora will continue expanding its footprint in the US (where it has owned hotels for a number of years) across the residential, hospitality, logistics and office segments.
100-year old Lampsa Hellenic currently focuses it’s business activity on operating the luxury hotels under its ownership. These include the historical Hotel Grande Bretagne and the Hotel King George in Athens, as well as the Accor’s M-Gallery Athens Capital hotel there and the Hyatt Regency & the Mercure Excelsior Hotel in Belgrade.
In January 2021, Lamsa was taken over by the family of Athanassios K. Laskaridis.
Price: Undisclosed
THPT Comment: Azora steaming ahead, with this debut in Greece, confirming their belief in resort hotels around The Med.
First Seen: Hospitality Net
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market. For more information – Visit www.thpt.co.uk or email [email protected]
