A company owned by Azora bought 4 tourism companies from venture capital manager Oxy Capital. The amount was not disclosed.
Hospitality in Portugal has been a hit and remains attractive in the eyes of investors, at a time when commercial real estate investment in the country has declined. Proof of this is the fact that the Spanish company Azora has gone ahead with the purchase of four tourism companies in the country from the venture capital firm Oxy Capital, which own hotels, local accommodation (LA) and golf courses in Óbidos.
It was through its company Portuslara that the Azora group went ahead with this operation. “The concentration consists of the acquisition by Portuslara S.A. (“Portuslara”) of exclusive control over Hotel da Praia – Gestão e Exploração de Hotéis, S.A.; D’El Rey Services – Gestão e Promoção Turística, Lda.; Golfbéltico – Gestão e Exploração de Campos de Golfe, S.A., and Priority Goal, S.A.”, reads a note published on Friday, April 19, on the website of the Competition Authority (AdC).
The hotel companies acquired by Azora “operate in the tourism sector, developing activities in tourist accommodation and the operation of golf courses, including the operation of a hotel, a tourist village and a group of apartments dedicated to local accommodation, as well as the acquisition of two golf courses, all located in the municipality of Óbidos,” they explain.
Specifically, Portuslara is a company owned by Azora European Hotel & Lodging, F.C.R., which in turn is managed by the Azora group. The document also details that the Azora group “is directly or indirectly active in Portugal in the tourism sector, through the operation of tourist accommodation developments in the Algarve, Lisbon and Porto”.
OxyCapital, which owns the target companies and is to sell them, is a venture capital fund management company, namely the Aquarius Fund, which focuses its activity on investing in companies active in the tourism sector.
