The deal was conducted on behalf of Azora European Hotel & Lodging, a vintage real estate value added fund managed by Azora.

Marriott will continue to run the five-star beachfront hotel on the island of Rhodes which offers 401 rooms, the majority with waterfront views.

Premium amenities include five restaurants and bars, three outdoor swimming pools, an indoor spa with a pool, a kids' club, sports and recreation facilities, 15 meeting rooms, and more than 3,000 m2 of space for social or business gatherings.

Concha Osácar, one of Azora’s founding partners, commented: ‘This transaction reflects our strong conviction in the hospitality sector across the Mediterranean. Expanding our presence into Greece is an important milestone for the Fund, as we are now active in the most consolidated sun and beach destinations in Europe (Spain, Portugal, Italy and now Greece). We strongly believe in the Greek market and its longstanding appeal, not only for attracting European visitors but also to cater to the growing US tourist base.’

Azora’s first hotel acquisition in Greece complements its portfolio of 34 hotels with around 9,300 rooms in Spain, Italy, Portugal, and Belgium.

Xenios Investments Partners supported Azora in the transaction and will continue prospecting new investment opportunities on the Greek market.

Madrid-based Azora Group manages €6.5 bn of assets in Europe and the US, ranging from residential, hotels, logistics, offices, senior homes to renewable energy.

The group is also increasingly investing in leisure, data centres and infrastructure.