Madrid-based European private equity real estate manager Azora announces the launch of a new fund.
The company has raised €680M for Azora European Hotel & Lodging, F.C.R., which was €80M above the initial €600M target.
With a hard cap of €750M, the Fund has an implied total capacity of more than €1.5bn to invest in leisure hotel opportunities across Europe, with a significant proportion of the portfolio expected to be located in Spain, Europe’s most popular “sun & beach” destination.
“This fund is a continuation of our successful strategy in the hotel segment, which began more than 10 years ago with the turnaround of Carey and which we further developed from 2014 onwards, with the build-up of the largest “sun & beach” hotel portfolio ever assembled in Europe, within our listed SOCIMI, Hispania.” says Concha Osácar, Azora’s Founding Partner.
“During these extraordinary times, the level of commitments we have achieved so far for the Azora European Hotel & Lodging fund underscore the international investor community’s confidence in both our ability as a manager to create value, and in the ongoing potential of the European hospitality industry as an institutional asset class, regardless of the short term impact of the COVID crisis, which we also believe will result in additional opportunities over and above those envisaged in our original business plan.”
