• The Sheraton Rhodes Resort is a 5* beach-front hotel in the island of Rhodes, Greece, with 401 keys and extensive facilities
  • Deal highlights Azora’s strong conviction for the sun and beach hotel sector across targeted European destinations

Azora, the Madrid-based European real estate investment manager, has completed the acquisition of the Sheraton Rhodes Resort, a 5* hotel in the island of Rhodes, Greece on behalf of the Azora European Hotel & Lodging, F.C.R. (“Azora EH&L” or the “Fund”), from Lampsa Hellenic Hotels S.A. (“Lampsa”).

The Sheraton Rhodes Resort will continue to be operated by Marriott and offers 401 keys, most of which benefit from waterfront views. The resort offers a range of premium facilities, including five F&B outlets, three exterior swimming pools, an interior spa with an indoor swimming pool, a kid’s club, sports and leisure facilities, 15 meeting rooms and +3,000 sqm of MICE facilities to host corporate or social events, including weddings.

Xenios Investments Partners has been a partner to Azora in identifying opportunities on the Greek market, alongside providing support in the most recent transaction. This acquisition represents the first hotel acquisition in Greece and complements its existing portfolio of 34 hotels with c.9,300 keys, located across Spain, Italy, Portugal, and Belgium. Azora continues to work actively, given the potential and the appeal of the Greek market.

Concha Osácar, one of Azora’s Founding Partners, commented : “This transaction reflects our strong conviction in the hospitality sector across the Mediterranean. Expanding our presence into Greece is an important milestone for the Fund, as we are now active in the most consolidated sun and beach destinations in Europe (Spain, Portugal, Italy and now Greece). We strongly believe in the Greek market and its longstanding appeal, not only for attracting European visitors but also to cater to the growing US tourist base. Our latest acquisition is an asset of exceptional quality and is strategically located in one of the most popular islands of the Aegean. Moreover, the hotel will continue to be run by a best-in-class operator, Marriott, and we look forward to partnering with them in this endeavour.”

About Azora

Azora Group (hereinafter "Azora") is a leading independent asset manager based in Spain, which has invested over €4bn of equity since its inception in 2003 and which currently manages c.€9.7bn of AuM (as of March-2024).

Its platform, one of the most important in Spain, has more than 200 professionals with great expertise through the whole real estate cycle, including deal sourcing, structuring and investment, new developments and repositioning, asset management and rental and sale of individual assets or portfolios.

Azora has traditionally focused on residential, hotels, offices and renewable energy, and is currently developing new investment themes in logistics, senior homes and alternative real estate debt. Azora currently manages one of the largest portfolios of residential units for rent, with more than 14,000 homes, and created the largest hotel portfolio in Spain under variable rent agreements with hotel operators with more than 13,000 keys, which was acquired by Blackstone in July 2018. In addition to Spain, it currently manages investments in Belgium, Portugal, Italy, Germany, the United Kingdom and Switzerland, among other countries, and has entered the US market.

Talia Jessener
Senior Consultant, Strategic Communications
AZORA Group