Current track

Title

Artist

Background

Med Playa Sale: Offical Press Release

Written by on May 14, 2019

Listen on Cool Radio Now: Press the LISTEN above

Press Release Written & Published By: Med Playa (Download Here)

Med Playa Sale: Offical Press Release

AZORA ADQUIRES SEVEN HOTELS AND SIGNS A

COLLABORATION AGREEMENT WITH MED PLAYA

  • The portfolio of 1,670 rooms is located in Benidorm and Costa del Sol.

  • Azora will carry out the refurbishment and repositioning of the assets.

  • Med Playa Group will continue with the management of the hotels.

Madrid, May 9th, 2019.- Azora has acquired from Med Playa Group seven hotels in Spain.

The portfolio has a total of 1,670 rooms distributed among the Hotel Pez Espada in Torremolinos and the Hotel Riviera in Benalmádena, both located in Costa del Sol and throughout the hotels Flamingo Oasis, Río Park, Riudor, Regente and Agir all five located in Benidorm.

Azora will carry out the refurbishment and repositioning of the hotels with a planned budget spend of a total of 30 million euros, while Med Playa Group will continue with the management of the assets for a period of up to 35 years. Azora and Med Playa will continue to collaborate in future investments.

With this transaction, Azora is showing a firm belief in Benidorm and Costa del Sol, two of the most consolidated tourist destinations in Spain, which have recorded excellent tourism results throughout the years, both among Spaniards and foreigners.

Particularly Benidorm, which accounted more than 11 million overnight stays and 2 million tourists in 2018, reached an occupancy level of 84% throughout the year, and its second best rate within the last 15 years.

Furthermore, it is worth noting that Benidorm is the first Spanish municipality to receive the intelligent touristic destination certificate granted by the Spanish Touristic Quality Institute (Instituto para la Calidad Turística Española (ICTE)).

This certificate shows its strength as a sustainable and accessible touristic destination with a clear focus on the use of new technologies, good governance and innovation.

Azora, who managed more than 13,000 rooms through Hispania, considers that the hotel sector still offers numerous investment opportunities with which to generate added value through repositioning and active asset management, and is thus in the process of raising a new fund to invest in resort hotels throughout the Mediterranean and in hostels in the main touristic cities within Europe.

“This transaction shows Azora’s firm decision to continue investing in the hotel sector, specially if we can go alongside a hotel operator with more than 50 years’ experience such as Med Playa” says Concha Osácar, Funding Partner of Azora.

“Through this agreement we see the opportunity of growing in Spain alongside Azora, reinforcing our position as hotel operator specialised in resorts” says Agustí Codina, President of Med Playa.


Reader's opinions

Leave a Reply

Your email address will not be published. Required fields are marked *