Azora, a European real estate investment manager based in Madrid, has closed the acquisition of two centrally located hotels in Brussels, Belgium - Hotel Berger and Hotel Jardin Secret, reported hospitalitynet.org.
Together, the two hotels offer 99 keys.
The transaction, conducted on behalf of Azora's European Hotel and Lodging Fund (AEHL), also includes two adjacent buildings that provide the opportunity to develop a 130-bed hostel.
These assets, which share a private garden and swimming pool, will be managed by Latroupe, a Madrid-based hostel and lifestyle hotel operator.
The acquisition enhances Latroupe's portfolio to eight properties, totalling 1,600 beds across key European cities.
Latroupe plans to extend its reach into other major European cities through acquisitions and partnerships.
Azora founding partner Concha Osácar said: “This acquisition represents a significant opportunity to expand our portfolio of urban hotels in an attractive local market where we already have an established presence, with Latroupe’s recent industry recognition in Brussels underscoring the extraordinary commitment to service and excellence that the business demonstrates in its day-to-day operations.
“We plan to utilise our strong asset management expertise to refurbish and upgrade these hotels, demonstrating both our ongoing conviction for the hospitality sector in our key target markets and our efforts to pioneer a new category of alternative hotel establishments, which combine a 4* hotel service with the social vibrancy of a premium hostel.”
Azora’s strategy encompasses a broad market spectrum, from high-quality hotels to urban hostels, often involving active management and repositioning in collaboration with leading operators.
Launched in 2021, Azora's AEHL fund has raised €815m and is focused on transforming and actively managing hotel operations in major European destinations.
The fund is now also pursuing an alternative urban tourism strategy, aiming to revolutionise city tourism for travellers. For the recent transaction, Azora was advised by Gomez Acebo y Pombo, KPMG, and Almar.
Latroupe managing director Carlos Cano said: “Azora’s acquisition of these two assets and the decision to bring them under the Latroupe brand underscores its commitment to expanding and incorporating new assets into our platform, particularly in well-established European destinations.
“We are proactively pursuing fresh investment prospects by both acquiring existing assets and through signing management agreements with property owners keen on utilising Latroupe’s technology and expertise to enhance their business growth.”
