The five-star all-inclusive hotel in the Algarve will however continue to be operated by the Pestana Hotel Group.
According to a report by Publituris, the investment exceeds one billion euros and is approaching 60% of its investment commitment.
The hotel, built in 2019 by the Pestana Hotel Group, is a 5-star complex of 120,000 square metres, which has almost 500 rooms, six restaurants and bars, six indoor and outdoor pools, a sports centre and Spa.
“We maintain our firm commitment to the European hotel and leisure sector, which has a significant accumulated demand, especially in the sun and beach markets, after the long period of lockdowns and restrictions due to the pandemic”, said Concha Osácar, founding partner of Azora.
She said that “this transaction represents a unique opportunity both to acquire an exceptional resort in a very attractive location, and to reinforce our presence in the Algarve, a region that is operating close to pre-Covid levels thanks to the strength of its tourist offer”.
José Theotónio, Chief Executive Officer of the Pestana Hotel Group, also quoted in the statement, commented: “The Pestana Blue Alvor is a reference among families and all those looking for a differentiated all-inclusive resort in a region that is recognized as a privileged beach destination in the Iberian Peninsula”.
Pestana Blue Alvor is Azora's fourth investment in Portugal, following the recent acquisitions of the Tivoli Marina Vilamoura resort, with 384 rooms; the Tivoli Carvoeiro resort, with 248 rooms; and Vilalara Thalassa Resort, with 118 rooms.