Weekly Data Sheet - 10 October 2025

Spanish alternative investment manager Azora, the owner of a vast portfolio of hotels in Europe, announced the purchase of Medplaya Hotels, one of Spain’s largest hotel operators, adding around 4,000 rooms to its portfolio. 

The acquisition comprises 6 owned hotels with over 1,500 rooms across Costa del Sol and Catalonia, as well as Medplaya’s operational businesses, which include 5 hotels with around 4,000 rooms. Azora now manages more than 14,500 rooms in 60-plus hotels in Europe and the US.

Javier Arús and Gonzalo García-Lago, partners in charge of hotels at Azora, said: “The acquisition of Medplaya not only strengthens our hotel portfolio across Spain, but also reaffirms our conviction in the growth potential of the European and Spanish tourism markets and Medplaya, as a valued partner since 2019 with its strong management team.

“Expanding our in-house managed, diversified hotel portfolio in Spain aligns with our broader investment strategy and builds upon our managed platforms across other European markets, including Latroupe and BluSerena in Italy, and Donkey Hotels in Greece, reinforcing our position as a leading investor in the European hotel and leisure sector.”

The operation comes hard on the heels of a new €300m partnership between Barcelò Group - Spain’s second largest hotel chain - and Germany’s KanAm Grund to invest in Western and Northern European hotels with a core-plus/value-add strategy.

The partnership will focus on changes of operator and/or refurbishment capex actions, up to a full redevelopment strategy, including conversion from office to hotel, the company told IPE Real Assets.

“The focus is primarily on properties in capital cities and secondary cities in Germany, Austria, and Switzerland. We are also looking at France, the Benelux countries, the United Kingdom, Ireland, the Nordic countries, and Italy,” a spokesperson said.

“The properties we identify, acquire, renovate, and reposition are then operated by the Barceló Hotel Group with its established and successful concept in the premium hotel sector - on the basis of long-term lease agreements.”

The initial investment volume will amount to €300m, with the possibility to scale up in the future. “The hotel industry has proven to be a particularly resilient asset class in the wake of the pandemic: it combines rapid recovery with stable long-term return opportunities, thereby creating sustainable value for investors and stakeholders alike,” KanAm said.

The group will act as a financial and real estate partner, while Barceló has a “substantial” minority stake and will manage the hotels.