European real estate investment manager Azora has bought two hotels in the capital of Belgium on behalf of its APG-backed hotel and logding fund.
The Madrid-based manager said it has completed the acquisition of the Hotel Berger and Hotel Jardin Secret hotels and two adjacent buildings to the hotels in central Brussels on behalf of its Azora European Hotel and Lodging Fund.
Financial details were not disclosed.
Azora said the two adjacent buildings provide the firm with an opportunity to develop a hostel with 130 beds.
The assets, which comprise a total of 99 hotel keys, will be managed by Azora’s European hostel and lifestyle hotel operating platform Latroupe.
Concha Osácar, one of Azora’s founding partners, said: “This acquisition represents a significant opportunity to expand our portfolio of urban hotels in an attractive local market where we already have an established presence, with Latroupe’s recent industry recognition in Brussels underscoring the extraordinary commitment to service and excellence that the business demonstrates in its day-to-day operations.
“We plan to utilise our strong asset management expertise to refurbish and upgrade these hotels, demonstrating both our ongoing conviction for the hospitality sector in our key target markets, and our efforts to pioneer a new category of alternative hotel establishments which combine a 4-star hotel service with the social vibrancy of a premium hostel.”
Carlos Cano, Latroupe’s managing director, said: “Azora’s acquisition of these two assets and decision to bring them under the Latroupe brand underscores its commitment to expanding and incorporating new assets into our platform, particularly in well-established European destinations.
“We are proactively pursuing fresh investment prospects by both acquiring existing assets and through signing management agreements with property owners keen on utilising Latroupe’s technology and expertise to enhance their business growth.”
Launched in 2021, Latroupe’s portfolio now comprises eight assets and 1,600 beds across Madrid, Bilbao, Brussels, Dublin and Barcelona.
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