European real estate investment manager Azora has expanded into Greece with the acquisition of the Sheraton Rhodes Resort from Lampsa Hellenic Hotels.

The Madrid-based manager has invested an undisclosed sum on behalf of the APG-backed Azora European Hotel & Lodging fund to buy the 5-star hotel on the island of Rhodes.

The Sheraton Rhodes Resort will continue to be operated by Marriott and offers 401 keys.

The deal represents Azora’s first hotel acquisition in Greece. The manager manages an existing portfolio of 34 hotels across Spain, Italy, Portugal, and Belgium.

Concha Osácar, a founding partner at Azora, said: “This transaction reflects our strong conviction in the hospitality sector across the Mediterranean.

“Expanding our presence into Greece is an important milestone for the fund, as we are now active in the most consolidated sun and beach destinations in Europe (Spain, Portugal, Italy and now Greece).”

Xenios Investments Partners has been a partner to Azora in identifying opportunities in the Greek market, alongside providing support in the most recent transaction.

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