The investment envisions setting up luxury brands within other destinations in Europe and the Mediterranean. Azora holds a 75% share of the new company and Palladium 25%.
The new company has already started its activity with the purchase of three hotels: the 5 star Bless Hotel Ibisa, with 151 rooms, the 3 star Fiesta Hotel Tanit, with 440 rooms and the 4 star Fiesta Sicilia Resort, with 529 rooms for a total of 115 million euro. There is also an additional 110 million euro investment for repositioning assets.
Concha Osácar, founding partner at Azora, quoted by pelo Cínco Dias, commented that «the creation of this joint venture is framed within our firm decision to keep investing in the hotel sector, with a strategy of transforming assets situated in unique locations by a leading group in terms of innovation within the hotel sector such as the Palladium Hotel Group».
Photo: Cínco Dias