Azora and Palladium create a joint venture to invest 500 million in Europe

Azora and Palladium Hotel Group have created a new company to invest in the holiday hotel sector in Europe, of which Azora owns 75% and Palladium 25%, with the aim of investing 500 million euros.

The ‘joint venture’ has already started its operations with the acquisition of three hotel complexes owned by the hotel company for 115 million euros and contemplate an investment of 110 million euros in positioning, which brings the initial investment to 225 million euros. Euros The transaction includes the BLESS Hotel Ibiza and the Fiesta Hotel Tanit, both located in Ibiza, as well as the Fiesta Sicilia Resort.

The agreement signed between Azora and Palladium Hotel Group contemplates an investment commitment of up to 500 million for the implementation of the luxury brands of the hotel group in other destinations in Europe and the Mediterranean.