Azora has completed the acquisition from Oxy Capital / Fondo Aquarius of the leading Praia d’El Rey Resort, located in Obidos, Portugal, which comprises the 177-room 5-star hotel commercially known as Marriott Praia d’El Rey, two of the top-10 golf courses in Portugal - the Praia del Rey and West Cliffs Golf Courses (both 18-hole golf courses) including their respective clubhouses, and the operation of c. 90 apartments and two F&B outlets managed under lease agreements.
The hotel, operated by Blue & Green under the Marriott brand, is located by the Atlantic Ocean with direct beach access and is surrounded by the Praia d’El Rey golf course. It operates year-round and offers premium facilities, four F&B outlets, a renovated SPA and wellness area, a kids club, and extensive meetings and events facilities. The acquired golf courses have received awards and are among the top 10 in Portugal. Praia d’El Rey is a leading golf destination in Europe.
Concha Osacar, one of Azora’s Founding Partners, commented: “This transaction reflects our strong conviction in the hospitality sector across the Mediterranean and Southern Europe. Consolidating our presence in Portugal with a hotel and golf resort of this quality is a key milestone for the Fund, as we continue to expand our footprint in high-potential markets. We strongly believe in the Portuguese market and its enduring appeal and strong market dynamics, not only for attracting European visitors but also for catering to the growing US tourist base.”
Image provided by FTI Consulting.
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