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.
Azora, through the Azora European Hotel & Leisure, F.C.R. ("AEHL"), and the Med Playa hotel group, have begun the repositioning of two hotels in Benidorm: the Hotel Riudor and the Hotel Flamingo Oasis. The refurbishment project implies an investment of c. €11m and includes accessibility solutions and the latest sustainability and energy efficiency standards. Both establishments, which are part of AEHL s seed portfolio, have obtained BREEAM certification in the use of sustainable buildings and are scheduled to reopen in March (Flamingo Oasis) and May (Riudor).