Azora buys all five Med Playa hotels in Benidorm
Breaking News - The Med Playa group has sold its five hotels located in Benidorm to Azora these hotels are - The Regente, Rio Park, Flamingo Oasis and the Agir, the sale also includes two other hotels in Torremolinos (Hotel Pex Espada)and Benalmádena (Hotel Riviera) This agreement includes that the selling company (MedPlaya) will continue to manage the hotels for the next 35 years: Holidays already booked at these hotels will not be affected.
Both parties said in a statement that the real estate investment company will carry out the reform and repositioning of these seven hotels, mainly hotels of 4-star category, for a total of 30 million euros.
The seven hotels bought by Azora have a total of 1,670 rooms. The real estate investment company has highlighted that, with this operation, it is betting on two of the most consolidated tourist destinations in Spain, Benidorm and the Costa del Sol.
Azora, who manage more than 13,000 rooms through Hispania, believes that the hotel sector continues to offer "numerous opportunities" for investment to generate value through repositioning and active management.
Therefore, the firm is in the process of creating a new fund destined to invest in holiday hotels in the Mediterranean and in hostels in the main European tourist cities.
"This operation shows the firm decision of Azora to continue investing in the hotel sector, especially when we can go hand in hand with a hotel operator with more than 50 years of experience such as Med Playa", highlighted Concha Osácar, founder member of Azora
For his part, the president of Med Beach, Agustí Codina, stressed that this agreement allows them to continue growing in Spain and strengthen its position as a specialized hotel management agency.
Original story by - www.diarioinformacion.com written in Spanish and translated to English so some information my be lost in translation