Azora, a leading real estate investment company (with a particular focus on the hospitality asset class), has purchased the Giverola resort (Spain) from the Swiss group Arenas.
The complex acquired, located on the seafront, has 213 apartments, a glamping (luxury camping), five restaurants and bars, sports facilities, swimming pools and a SPA, all spread over a total area of 35 hectares.
The objective of the operation is to completely renovate the property with a finalized investment of EUR 40 million for the expansion of the number of rooms and the adjoining camping area and for the repositioning as 4*.
The Giverola resort is Azora’s first investment following the first round of the fundraise (focused on hospitality), amounting to EUR 680 million. Azora currently has a total capacity of over EUR 1.5bn to invest in hotels, located in leiusure, European destinations.
The new Spanish property joins Azora’s current portfolio which already includes 10 other hotels for approximately 2,670 total rooms and 4 hostels (1,200 beds) in Spain, Portugal, Italy, and Belgium. The Italian presence of the Arenas group (formerly Ferienverein) ended in 2019. In fact, the latter left the management (in lease) of “Il Tirreno Resort”, 4 * with 159 keys, located in Orosei, Sardinia.