Spain’s Azora to sell Praia d’El Rey and other hotels

The Spanish fund Azora European Hotel & Lodging is preparing to gradually divest a total of seven assets that it holds in Portugal including the flagship five-star golf resort Praia d’El Rey in Óbidos which the fund brought from Oxy Capital in 2024.

The divestments join 46 assets that it holds in its portfolio internationally including six other hotels in Portugal.

Praia d’El Rey, acquired from Oxy Capital just two years ago, has 177 rooms, two golf courses (Praia d’El Rey and West Cliffs) and 90 apartments. It is managed by Marriott.

Azora, launched in 2021, also has the Tivoli Marina Vilamoura and Tivoli Carvoeiro bought in 2021  from the Thai Group Minor as well as the Vilamoura Thalassa Resort in Porches.

In 2022 it acquired the Pestana Blue Alvor which is now the Tivoli Alvor. Other acquisitions include The Lodge Hotel in Vila Nova de Gaia phrased from Mário Ferreira, the main shareholder and owner of broadcaster TVI.

The fund is also developing a hotel on Lisbon’s Praça do Comércio to be called Hotel das Luzes.

All of the seven hotels in question are to be gradually put onto the market over the next two years with plans to have sold them by 2028.

Azora has hotels in Italy, Spain, Belgium, and Greece with a total of 11,500 rooms.

Image: Praia d Él Rey: All Rights Reserved – Marriott