Azora announces decarbonization pilot program for its seven-hotel portfolio

Azora has announced a €2.5 million ($2.7 million) investment into a pilot program aimed at decarbonizing the seven-hotel portfolio acquired by Azora’s European Hotel & Leisure fund from Med Playa in 2019.

The hotel portfolio is composed of 1,670 rooms spanning the Hotel Pez Espada in Torremolinos, the Hotel Riviera in Benalmádena, the Flamingo Oasis, Río Park, Riudor, Regente and Agir hotels.

The decarbonization program includes a number of initiatives focused on reducing greenhouse-gas emissions, improving energy efficiency and minimizing dependency on fossil fuels across each asset. Initiatives will include replacing domestic hot water production equipment, which was previously produced using natural gas boilers, with modern air/water heat pump-type equipment; providing the building with a photovoltaic solar energy production plant; and installing thermal production control systems, as well as equipment to optimize electricity supply.

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