Azora has agreed a €40 million financing deal with asset manager GWM to finance the acquisition and refurbishment of a Spanish beach resort.
The senior loan is being provided by GWM’s Commercial Real Estate Debt Opportunities Fund.
The resort includes a hotel, which has already undergone refurbishment with the final phase expected to be completed next winter, as well as a camping offering. It has 480 keys in total. The resort is ultimately owned by the Azora European Hotel & Lodging fund.
Founded in 2000, the GWM Group is an institutional asset manager with around €2.5 billion AUM.
What they said
Gennaro Giordano, managing partner at GWM, said: “As first investment in Spain for the CREDO Fund, we are glad for having been able to support Azora, a top European investment management firm with unparalleled experience in the Spanish market and the hotel sector, to provide a bespoke financing solution for their resort despite their challenging market conditions. We remain focused on providing creative financing solutions to experienced sponsors and assets with strong fundamentals across Europe, leveraging our underwriting capabilities in a complex environment where traditional lenders struggle to underwrite certain risks.”
Antonio López, head of capital markets of Azora, said: “We are delighted to be working with a renowned Fund Manager such as GWM on the financing of the acquisition and upgrade of Pola Giverola Glamping and Resort in Tossa de Mar, one of the most attractive active and family tourism destination in Spain. Thanks to our long-term focus on supplying truly environmentally, friendly and quality hospitality and leisure assets, we have been able to strengthen and diversified the portfolio of Azora European Hotel & Lodging FCR in Spain”