Azora, the Madrid-based European real estate investment manager, has completed the acquisition of the Pestana Blue Alvor, a five-star hotel in Portugal’s Algarve region, on behalf of the Azora European Hotel & Lodging, F.C.R. (“Azora EH&L” or the “Fund”), from Pestana Hotel Group, the largest multinational hospitality group of Portuguese origin.
Constructed in 2019 by the Pestana Hotel Group, the 120,000 square metres 5 star resort comprises nearly 500 rooms alongside six restaurants and bars, six indoor and outdoor swimming pools and a modern sports centre and spa. The hotel is located in Alvor, on the South Coast of Portugal’s Algarve, offering excellent access to a number of beaches. The all-inclusive resort, which is nearly fully booked for the summer, will continue to be operated by the Pestana Hotel Group.
This transaction represents Azora’s fourth acquisition in Portugal and follows the recent acquisitions of the 384-bed Tivoli Marina Vilamoura resort, the 248-bed Tivoli Carvoeiro resort and the 118-bed Vilalara Thalassa Resort, all of which are 5 star resorts located in the attractive Algarve region.
Source: azora.es on the 12th of May 2022