Azora buys Praia D’el Rey in Obidos, Portugal

Azora Capital has purchased the Praia d’El Rey Resort in Óbidos , Portugal from Oxy Capital/Fondo Aquarius.

The acquisition comprises the 177-room 5-star hotel commercially known as Marriott Praia d’El Rey, two 18-hole golf courses - the Praia del Rey and West Cliffs Golf Courses - including their respective clubhouses as well as the operation of around 90 apartments and two F&B outlets managed under lease agreements.

The hotel offers a spa and wellness area with indoor and outdoor pools, a kids club, four F&B outlets well as meetings and events facilities.

The hotel, which has direct access to the beach, will continue to be operated with the Marriott brand under a franchise agreement and managed by Blue & Green.

Following the acquisition, Azora’s Portuguese portfolio comprises seven hotels; Vilalara, Tivoli Vilamoura, Tivoli Carvoeiro, Tivoli Alvor in the Algarve region, The Lodge Hotel in Porto, the future opening of Hotel das Luzes in Lisbon, as well as two golf courses with 36 holes.

Azora launched its current private equity fund for hospitality, Azora European Hotel & Lodging in 2021, with €815 million in capital. Since then, AEHL has invested into the vacation hotel segment in major European destinations with a value-add strategy based on asset transformation and active management of hotel operations.

What they said

Concha Osácar, one of Azora’s founding partners said: “This transaction reflects our strong conviction in the hospitality sector across the Mediterranean and Southern Europe. Consolidating our presence in Portugal with a hotel and golf resort of this quality is a key milestone for the fund as we continue to expand our footprint in high-potential markets. We strongly believe in the Portuguese market and its enduring appeal and strong market dynamics, not only for attracting European visitors but also for catering to the growing US tourist base.”