Azora has completed the acquisition of two hostels located in Dublin and Barcelona on behalf of its Azora European Hotel and Lodging Fund (AEHL or the Fund), through a transaction with a fund managed by BlackRock.
The portfolio, which comprises the Jacobs Inn Dublin and the Jacobs Inn Barcelona, is currently operated by Siggis Capital. The assets are sold unencumbered and will be operated by Latroupe.
Concha Osacar, one of Azora’s Founding Partners, commented: “This acquisition represents a rare opportunity to acquire an urban portfolio in two attractive destinations which benefit from strong domestic and international tourism. The transaction also provides us with the chance to expand Latroupe’s footprint and to continue consolidating our urban hostels portfolio as a key part of our wider hospitality strategy through the entry into important new markets such as Ireland.”
Carlos Cano, Latroupe’s Managing Director, mentioned: “The transaction highlights Latroupe’s ambition to keep growing and adding new assets to the platform across some of the most consolidated European destinations. We are actively seeking new investment opportunities through the purchase of existing assets and through management agreements with property owners who want to leverage on Latroupe's technology and know-how to grow their business. Our aim is to be the reference brand for our customers when they travel in Europe, thanks to the quality of our service and our promise to connect travellers with the best of the local scene in each city.”
On the transaction, Azora was advised by Pinsent Masons, KPMG and Arcadis and BlackRock was advised by JLL, Colliers, Matheson LLP, CMS and PwC.
Image provided by FTI Consulting.
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