Madrid-based real estate investment trust Azora has sold a 75% stake in three hotels to partner Grupo Empresas Matutes.
The deal is valued at €300 million, according to a news release from Azora. It is a culmination of a joint venture that was founded in 2019 to acquire, renovate and reposition the hotels. Two of the hotels are in Ibiza, one is in Sicily.
Azora’s ownership of the properties was via its now-closed fund, European Hotel & Lodging, F.C.R. It said the move is a divestment under attractive conditions.
Palladium Hotel Group will continue to manage the hotels — the 151-room Bless Hotel Ibiza; 376-room TRS Ibiza Hotel, and 469-room Grand Palladium Sicilia Resort & Spa. According to CoStar, Azora and Grupo Empresas Matutes acquired the hotels in 2019 for approximately $144 million.
Ibiza-based Grupo Empresas Matutes is now in full ownership of the hotels. Abel Matutes, vice chairman, said Grupo Empresas Matutes remains “committed to creating value in these unique destinations, strengthening their positioning and continuous evolution under the highest standards of excellence, always under the management of Palladium Hotel Group.