Azora has completed the acquisition of the Pestana Blue Alvor, a five-star hotel in Portugal’s Algarve region from Pestana Hotel Group, the largest multinational hospitality group of Portuguese origin. Constructed in 2019 by the Pestana Hotel Group, the 120,000m² 5* resort comprises nearly 500 rooms alongside six restaurants and bars, six indoor and outdoor swimming pools and a modern sports centre and spa. The hotel is located in Alvor, on the South Coast of Portugal’s Algarve, offering excellent access to a number of beaches. The all-inclusive resort, which is nearly fully booked for the summer, will continue to be operated by the Pestana Hotel Group.
Concha Osácar, one of Azora’s Founding Partners, commented: “We retain our strong conviction on the European hotels and leisure sector, with significant pent-up demand following long periods of lockdowns and restrictions, particularly in the sun and beach markets. This transaction represents a unique opportunity both to acquire an exceptional resort in a highly appealing location and to further grow our presence in the Algarve, a region which is already performing close to pre-covid levels thanks to its long-term attractive fundamentals. To have deployed close to 60% of the Fund’s capital so soon after its final close is testament to our team’s expertise and access to unique deal flow across Europe.”
José Theotónio, Chief Executive Officer of the Pestana Hotel Group, commented: “The Pestana Blue Alvor is key reference among families and all those who seek a distinctive all-inclusive resort in a region that is recognized as a prime beach destination in the Iberian Peninsula. The Pestana Hotel Group will professionally maintain running all operations in this unique resort.”