Spanish hospitality sector set for solid recovery
Spain hospitality and leisure industries are set for a “solid recovery” that will open up a number of opportunities for real estate investors in the next 18 months.
The Azora Group’s head of corporate development and strategy, Cristina García-Peri, says that although both sectors have been, along with retail, hardest hit by the COVID-19 crisis, they remain in a position to benefit from supportive megatrends in the mid-term.
The Madrid-based manager announced in late July that it had raised €680 million for its new European Hotel & Lodging fund. The fund will invest in leisure hotel opportunities across Europe, but is expected to hold assets that are predominantly located in Spain. Commitments were signed throughout the lockdown period and demonstrate investors’ continued confidence in the long-term performance of the tourism industry, despite the impact of COVID-19.
To date, Azora has secured a portfolio of 10 hotels comprising 2,800 keys and loca