Azora buys third luxury hotel in Algarve

  • ECO News
  • 10 August 2021

Vilalara Thalassa Resort, in Porches, is the third acquisition of the Spanish fund in Portugal.

The Spanish fund Azora has completed its third hotel investment in Portugal. After two Tivoli hotels, the company has now added to its portfolio the Vilalara Thalassa Resort, a five-star unit in Porches. The values are unknown, but this was certainly not the last operation in Portugal, says the founding partner of the company, quoted by the Spanish press.

Through the recently created European Hotel & Lodging fund, Azora has just completed the acquisition of the Vilalara Thalassa Resort, which belonged to an Oxy Capital fund, according to sources in the real estate market.

This five-star unit is located above Praia das Gaivotas beach and has 118 rooms and suites. It is considered one of the best resorts in the country due to its privileged location and quality services. It is currently being operated by the company Blue & Green.

The operation’s value was not disclosed. Concha Osácar, co-founder partner of Azora, quoted by the Spanish press, stresses that this acquisition “reinforces the confidence” that the company has in “the tourism recovery in Europe” and in the “unique positioning of the Algarve as a protagonist of this recovery”. “We remain convinced of the attractiveness of this region and the Portuguese market and we want to remain very active,” she adds.

The acquisition of Vilalara Thalassa Resort is the third operation of the Spanish fund. The first investment was the Semilla Portfolio, comprising ten resort hotels and four city hotels across Europe, followed by a hotel on the Costa Brava. In Portugal last month it bought the Tivoli Marina Vilamoura and the Tivoli Carvoeiro in the Algarve for €148 million.