Azora sells stake in 3 Mediterranean resorts

MADRID – Grupo Empresas Matutes has reached an agreement with Azora to acquire its 75% stake in the joint venture created in 2019, which includes three luxury hotels in Ibiza, Spain, and Sicily, Italy, totalling nearly 1,000 rooms.

The transaction, valued at €300 million, marks the completion of the joint project between Grupo Empresas Matutes and Azora to transform and enhance the value of three hotel assets.

The assets included in the transaction are:

• Bless Hotel Ibiza, a luxury hotel with 151 rooms located in Cala Nova and part of the BLESS Collection Hotels brand.
• TRS Ibiza Hotel, a premium all-inclusive, adults-only resort with 376 rooms, located in Cala Gració, Ibiza.
• Grand Palladium Sicilia Resort & Spa, a resort with 469 rooms located on the north coast of Sicily, focused on the family holiday segment.

The properties will continue to be operated by Palladium Hotel Group under the Bless, TRS, and Grand Palladium brands.

“With this transaction we complete a strategic project launched in 2019 with Azora for the joint development of assets in the Mediterranean,” said Abel Matutes, vice chairman of Grupo Empresas Matutes. “We remain 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. We would also like to thank Azora for its trust and for the journey we have shared during this period. We look forward to exploring new opportunities for collaboration in the future.”

Javier Arús and Gonzalo García-Lago, partners responsible for hotels at Azora, added, “This transaction represents the successful culmination of a very exciting project developed jointly with the Palladium Hotel Group. Over these years, both parties have contributed to the growth of the destinations, not only by fully transforming the assets but also by driving highly innovative concepts and opening new markets. At Azora, we intend and are eager to continue contributing to the development of the hotel industry alongside the Palladium Hotel Group in further hotel projects across Europe.”