Azora and Palladium Hotel Group form JV, invest in European hotel market

Azora and Palladium Hotel Group have formed a joint venture, with the intention to invest up to €500 million ($548 million) in resort hotels in the Mediterranean and hotels and hostels in European cities.

The new company, which is 75 percent owned by Azora and 25 owned by Palladium Hotel Group, has already acquired three hotel complexes for a total amount of €115 million ($126 million) and an additional investment in capex of €110 million ($120 million), for a total initial investment of €225 million ($246 million).

Alantra advised Palladium Hotel Group in the transaction.

“The creation of this alliance falls within our firm decision of investing in the resort hotel segment, with a strategy to transform assets with unique locations with the help of a leader in cutting-edge innovations within the hotel segment such as Palladium Hotel Group,” said Concha Osácar, founding partner of Azora.

The hotel complexes, owned by Palladium, include the BLE