Azora raises €815m for latest pan-European hospitality fund

Madrid-based Azora has completed the final close of its latest pan-European hospitality fund, Azora European Hotel & Lodging (Azora EH&L), with €815 million ($952 million) in total commitments plus additional co-investment capital.

The original target was €600 million ($701 million), and the €750 million ($875 million) hard cap was raised to €815 million ($952 million). New investors included a large European pension fund, two large insurance companies based in Europe and the United States, and two European family offices.

Azora EH&L invests in European tourism and will focus both in traditional beach and mountain destinations, as well as in the main European tourist cities. The vehicle has established a seed portfolio of four transactions, including two flagship hotels in the Algarve region in Portugal, the Arenas Resort Giverola in Costa Brava and the luxury five-star Vilalara Thalassa Resort hotel in the Algarve region.

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