Azora takes over Porches’ Vilalara Thalassa Resort – its third Algarve hotel in less than one month

Vilalara Thalassa Resort in Porches (Lagoa) has been purchased by Azora European Hotel & Lodging, an investment fund managed by Spain-based real estate investment manager Azora Géstion. The deal comes less than a month after Azora took over two Tivoli hotels in the Algarve in a €148 million deal (click here).

The purchase price of this latest acquisition has not been revealed, but according to a statement put out by Azora, this will not be its last operation in Portugal.

The five-star resort is located near Praia das Gaivotas and boasts 118 rooms and suites. Says Eco newspaper, it is considered “one of the best resorts in the country due to its privileged location and the quality of its services.” It is currently managed by Blue & Green.

Concha Osácar, one of the founders of Azora, says that the deal “strengthens the confidence” that the group has in the recovery of tourism in Europe and the Algarve’s strategic position.

“We believe in the region’s appeal and the Portuguese market, and want to remain active here,” she said.

Spanish press reports that the Azora European Hotel & Lodging investment fund, created in July 2020, has around €1.5 billion to invest in properties all over Europe – particularly in the “sun and beach” tourism segment.

michael.bruxo@algarveresident.com