European real estate investment manager Azora has bought two hostels in Spain and Ireland for its hospitality fund from a BlackRock-managed vehicle.

The manager has invested an undisclosed amount to acquire the Jacobs Inn Dublin and Jacobs Inn Barcelona on behalf of the APG-backed Azora European Hotel & Lodging Fund AEHL. 

Azora said the assets – currently operated by Siggis Capital – will be operated by AEHL-owned boutique hostel operator Latroupe.

Concha Osácar, a founding partner at Azora, said the acquisition represents a “rare opportunity to acquire an urban portfolio in two attractive destinations” which benefit from strong domestic and international tourism.

“The transaction also provides us with the chance to expand Latroupe’s footprint and to continue consolidating our urban hostels portfolio as a key part of our wider hospitality strategy through the entry into important new markets such as Ireland.”

Carlos Cano, Latroupe’s managing director, said: “The transaction highlights Latroupe’s ambition to keep growing and adding new assets to the platform across some of the most consolidated European destinations. We are actively seeking new investment opportunities through the purchase of existing assets and through management agreements with property owners who want to leverage on Latroupe’s technology and know-how to grow their business.

Jacobs Inn Dublin

Source: Azora

Jacobs Inn Dublin

“Our aim is to be the reference brand for our customers when they travel in Europe, thanks to the quality of our service and our promise to connect travellers with the best of the local scene in each city.”

To read the latest IPE Real Assets magazine click here.