Azora has exited its 2019 partnership with Grupo Empresas Matutes through the sale of its 75% stake in a 1,000-room Mediterranean hotel portfolio for €300m.
Azora has agreed to sell its majority stake in the joint venture, which holds the five-star BLESS Hotel Ibiza and TRS Ibiza Hotel assets in Ibiza, Spain and the Grand Palladium Sicilia Resort & Spa in Sicily, Italy.
Grupo Empresas Matutes has now become the sole owner of the entire portfolio after completing a joint value-enhancement programme with Azora.
Abel Matutes, vice chairman of Grupo Empresas Matutes, said: “With this transaction, we complete a strategic project launched in 2019 with Azora for the joint development of assets in the Mediterranean.
“We remain committed to creating value in these unique destinations, strengthening their positioning and continuous evolution under the highest standards of excellence, always under the management of Palladium Hotel, a hotel management arm of Grupo Empresas Matutes.”
Javier Arús and Gonzalo García-Lago, partners responsible for hotels at Azora, said: “This transaction represents the successful culmination of a very exciting project developed jointly with the Palladium Hotel Group. Over these years, both parties have contributed to the growth of the destinations, not only by fully transforming the assets but also by driving highly innovative concepts and opening new markets.
“At Azora, we intend and are eager to continue contributing to the development of the hotel industry alongside the Palladium Hotel in further hotel projects across Europe.”
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