Azora, a Madrid-based European private equity real estate manager, has raised €680 million ($799 million) for the launch of a new fund, Azora European Hotel & Lodging, F.C.R., which is €80 million ($94 million) above the fund’s initial €600 million ($705 million) target.
With a hard cap of €750 million ($705 million), the fund has an implied total capacity of more than €1.5 billion ($1.8 billion) to invest in leisure hotel opportunities across Europe, with a significant proportion of the portfolio expected to be located in Spain, Europe’s most popular “sun & beach” destination.
Commitments were signed throughout the lockdown period and demonstrate investors’ continued confidence in both the long-term performance of the tourism industry despite the impact of COVID-19, and in Azora’s ability, as a leading manager in the European leisure hotel space, to source attractive opportunities.
The fund will focus on the “sun & beach
