9 September 2019
Azora, a Spanish real estate fund manager, announced the creation of a new joint venture with the Palladium Group, which is owned by the Matutes family. Azora will control 75% of the new firm, with the rest going to Palladium. The firm will invest in luxury hotels on the Mediterranean coast.
The company will begin with an initial investment of €225 million, including three existing assets. Those consist of two hotels in Ibiza and one in Cefalù, in northern Sicily (Italy). The first is the BLESS Hotel Ibiza, a 151-room, five-star hotel owned by Palladium. The group recently converted the hotel from a 3-star unit. The second asset is the Fiesta Hotel Tanit, a 440-room, 3-star hotel which the firm will also convert into an all-inclusive, adults-only luxury hotel.
The hotel in Italy is the 529-room, 4-star Fiesta Sicilia Resort, which like the first two, the firm will convert into a 5-star unit.
Azora and Palladium have committed to investments of up to 500 million euros.
Original Story: El País
Adaptation/Translation: Richard D. K. Turner