Azora has bought an Italian resort operator for its latest pan-European hospitality fund.
The Madrid-based European private equity real estate manager said its Azora European Hotel & Lodging (Azora EH&L) fund has bought Bluserena from the Maresca family. Financial details were disclosed.
Founded in 1985 by Carlo Maresca, Bluserena manages a portfolio of 13 hotels, eight of which it owns. The hotels are spread across the main Italian tourist coastal destinations including Sardinia, Sicily, Apulia, Abruzzo, Piedmont and Calabria.
The deal includes the acquisition of the Bluserena operating platform, which will continue to be located in Pescara.
Azora said it intends to implement €30m investment programme across the owned hotels and by continuing to grow the company through new hotel acquisitions as well as new leasing and management contracts.
Concha Osácar, co-founding partner of Azora, said the acquisition is part of the firm’s commitment to the European hotel sector and particularly to the Italian market, as one of the most popular holiday destinations in the Mediterranean, “backed both by strong domestic demand and growing international tourism in regions such as Puglia, Sicily and Sardinia”.
Following the acquisition, the Azora EH&L fund will have deployed over 55% of its €1.8bn investment capacity.
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