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Azora/Palladium JV invests €225M in 3 hotels

A company created by asset manager Azora Capital SA and Palladium Hotel Group invested 225 million in its first acquisitions in the European resort hotels space.

The joint venture, owned 75% by Azora and 25% by Palladium, bought two properties from Palladium in Ibiza, Spain, and one in Sicily, Italy, for an aggregate 115 million. It will invest an additional capital expenditure of 110 million across the hotels, the two Spanish companies said in a release.

The venture plans to refurbish and reposition the three-star Ibizan Fiesta Hotel Tanit and the four-star Fiesta Sicilia Resort under Palladium's five-star deluxe brand, TRS. The third hotel, Bless Hotel Ibiza, was upgraded and opened in June as a five-star deluxe property.

The joint venture is seeking further acquisitions and will invest up to a total of 500 million in other hotels in the Mediterranean and hotels and hostels in the main European tourist cities.