European private equity real estate manager Azora has acquired Italian family-owned hotel operator Bluserena in what it says is the biggest hotel transaction in the country this year.
Madrid-based Azora is buying both the Bluserena-owned and managed hotel properties as well as its operating platform from the Maresca family.
Financial terms were not disclosed.
Founded in 1985 by Carlo Maresca SPA, Bluserena manages a portfolio of 13 hotels (4,200 keys), 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 acquisition was carried out on behalf of Azora’s pan-European hospitality fund, Azora European Hotel & Lodging, which has now deployed over 55% of its €1.8 bn investment capacity.
Azora said it aims to further strengthen the Bluserena brand by implementing a circa €30 mln investment programme across the owned hotels and by making new acquisitions as well as clinching new leasing and management contracts in the Italian market, where it is already a leading player.
Concha Osácar, co-founding partner of Azora, commented: ‘This transaction reconfirms Azora's conviction in the long-term prospects for the European leisure market and our belief that there is also significant pent-up demand for leisure travel due to Covid which will lead to a strong recovery in the market as vaccination programmes continue to progress across Europe.
‘The acquisition of this major Italian operator is part of our 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.’
Silvio Maresca, CEO of Bluserena, said: ‘We believe that Bluserena is ready to take a new qualitative leap at the hands of a European fund like Azora. Azora seemed to us the most suitable partner to continue Bluserena's story and to boost its growth. They have seen in Bluserena a leading hotel management platform in Italy and, as such, a tool for future development.
‘Bluserena is now beginning a growth phase in the Italian market, which will create opportunities for the team and for the city of Pescara, where Bluserena’s headquarters will remain.’
CBRE and legal firm Chiomenti advised Carlo Maresca SPA on the deal. Azora was assisted by BonelliErede as legal counsel.
