Azora and Palladium create a joint venture

The real estate manager Azora and the Palladium hotel group have created a joint venture, of which the former owns 75% and the second 25%, to jointly invest in the holiday hotel sector in Europe.

The company will begin its activity with three hotel complexes owned by the hotel, which has acquired 115 million euros.

The real estate investment manager Azora and the Palladium hotel group have announced an alliance to jointly invest 500 million in the holiday sector in southern Europe.

This new company will be majority owned by Azora, with 75% of the capital, while Palladium will have the remaining 25%, both companies have confirmed through a statement. The joint venture has already closed its first operation, which has been done with three hotels, so far owned by Palladium, for 115 million euros. This is the five-star luxury hotel Bless Hotel Ibiza, with 151 rooms, located in Ibiza; The Fiesta Sicilia Resort hotel, with four stars and 529 rooms, located in Cefalù (Sicily) and a third establishment, Fiesta Hotel Tanit with 440 rooms of three stars category, also located in Ibiza.

In addition to the investment in the purchase, both partners have pledged to disburse another 110 million to reposition the Fiesta Sicilia and Fiesta Tanit establishments. For its part, the Bless Hotel Ibiza, formerly Fiesta Hotel Cala Nova, underwent a comprehensive renovation this year, going from 305 to 151 rooms and three star category to Five Great Luxury.

The agreement also includes the implementation of the luxury brands of the hotel group in other tourist destinations in Europe and the Mediterranean.

Since his departure as manager of the Socimi Hispania, Azora has promoted various alliances to invest in different types of real estate. Thus, the company led by Concha Osácar and Fernando Gumuzio created a Socimi with Indosuez and Banca March dedicated to the management of residences for the elderly.

In addition, Azora allied with CBRE Global Investors to promote 340 homes on the grounds where the Vicente Calderón stadium was located, in the Madrid Rio area.

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