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Azora should create new hostel chain for €1.200M
31 May 2019 | Vanessa Sousa

A new hostel chain should enter the market this Summer. The project is from Spanish real estate managing company Azora which is expecting to invest between 1.200 and 1.300 million euro on this project.

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These new hostels are intended to meet the current millennials’ (born between 1985 and 2000) needs since they «travel twice as much as the previous generations», explains Cristina García Peri, director of development and strategy at Azora, to Eje Prime during the SIMAPro session in Madrid. These new units should be built in the main cities and in the coastal areas near the Mediterranean.

 Cristina García Peri also revealed that it is not the company’s intent to keep this chain on the long term, but to «sell it to institutional investors».

Another project recently conceived by Azora is to invest in the senior residences segment. In order to do that, the management company plans to create a new fund which, in the future, should include a portfolio estimated at 300 million euro within the senior residences segment.

Azora currently has a diversified portfolio which at the end of 2018 was estimated at 5.3 billion euro, according to the latest data from the company.