Azora has completed the acquisition of two hotels and two adjacent buildings to the hotels in central Brussels on behalf of its Azora European Hotel and Lodging Fund (AEHL).
The acquisition of the centrally located Hotel Berger and Hotel Jardin Secret, which comprise a total of 99 hotel keys, also includes two adjacent buildings, providing Azora with an opportunity to develop a hostel with 130 beds. The assets share a private garden with a swimming pool. The assets will be managed by Latroupe.
Concha Osacar, one of Azora’s Founding Partners, commented: “This acquisition represents a significant opportunity to expand our portfolio of urban hotels in an attractive local market where we already have an established presence, with Latroupe’s recent industry recognition in Brussels underscoring the extraordinary commitment to service and excellence that the business demonstrates in its day-to-day operations. We plan to utilise our strong asset management expertise to refurbish and upgrade these hotels, demonstrating both our ongoing conviction for the hospitality sector in our key target markets and our efforts to pioneer a new category of alternative hotel establishments which combine a 4* hotel service with the social vibrancy of a premium hostel. Since Latroupe’s creation in 2021, the operator has leveraged its track record to expand its portfolio across five markets in three countries. We look forward to continuing to work closely with the business as it continues to execute its growth plan.”
Carlos Cano, Latroupe’s Managing Director, added: “Azora’s acquisition of these two assets and the decision to bring them under the Latroupe brand underscores its commitment to expanding and incorporating new assets into our platform, particularly in well-established European destinations. We are proactively pursuing fresh investment prospects by both acquiring existing assets and through signing management agreements with property owners keen on utilizing Latroupe's technology and expertise to enhance their business growth.”
Azora was advised by Gomez Acebo y Pombo, KPMG and Almar on the transaction.
Image provided by FTI Consulting.
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