Azora, a Madrid-based European real estate investment manager, has significantly enhanced its presence in the Portuguese market by acquiring the prestigious Praia d’El Rey Resort in Óbidos, Portugal. This acquisition, executed through the Azora European Hotel and Lodging Fund (AEHL), includes the luxurious Marriott Praia d’El Rey hotel, two top-ranked golf courses—Praia del Rey and West Cliffs—and the management of 90 apartments and two food and beverage outlets.
The Marriott Praia d’El Rey, a 177-room, 5-star hotel, is a jewel in our crown. It will continue operating under the Marriott brand, managed by Blue & Green. The hotel, with its stunning backdrop of the Atlantic Ocean, direct beach access, and surrounding golf courses, offers a unique and luxurious experience. It boasts premium amenities, including four dining options, a renovated spa and wellness area, indoor and outdoor pools, a kids club, and extensive meeting and event facilities. The golf courses, recognized among Portugal’s top ten and recipients of the 2023 Golfer’s Choice Award from Leading Courses, are key highlights of the resort.
Azora leadership position
This acquisition is a testament to Azora’s strategic growth in Portugal. It expands our portfolio to include seven hotels and two golf courses with 36 holes. The Praia d’El Rey Resort, with its exceptional facilities and prime location, strengthens Azora’s position as a leader in the leisure and golf destination sector in Europe and underscores our commitment to delivering exceptional experiences to our guests.
Azora’s portfolio now encompasses over 12,000 keys under management, cementing its status as a significant player in the European hospitality and leisure investment sector. Since its inception, Azora has invested over €3 billion in the hospitality industry, acquiring over 100 hotels and 26,000 hotel keys. The company’s strategy focuses on high-quality hotels and urban hostels, targeting assets that require active management and repositioning.
Launched in 2021 with €815 million in capital, AEHL has focused on the vacation hotel segment in major European destinations. The fund employs a value-add strategy, emphasizing asset transformation and active management of hotel operations. Recently, AEHL has also adopted an alternative hotel strategy for urban tourism, targeting a diverse range of travellers and aiming to revolutionize city tourism.
Concha Osácar, one of Azora’s founding partners, expressed confidence in the hospitality sector across the Mediterranean and Southern Europe. She emphasized that the acquisition of Praia d’El Rey Resort marks a significant milestone for AEHL, underscoring Azora’s commitment to high-potential markets and its belief in Portugal’s growing appeal to both European and American tourists.
For over 30 years, Tee Times Golf Agency has offered the best packages for those seeking Portugal golf holidays. With extensive industry experience, we provide unparalleled access to top courses, including the newly acquired by Azora, Praia del Rey and West Cliffs golf courses, ensuring a memorable and high-quality golfing experience.
