European real estate investment manager has bought two hostels in Spain and Ireland for its hospitality fund from a BlackRock-managed vehicle.
The manager has invested an undisclosed amount to acquire the Jacobs Inn Dublin and Jacobs Inn Barcelona on behalf of the APG-backed Azora European Hotel & Lodging Fund AEHL.
Azora said the assets 鈥� currently operated by Siggis Capital 鈥� will be operated by AEHL-owned boutique hostel operator Latroupe.
Concha Os谩car, a founding partner at Azora, said the acquisition represents a 鈥渞are opportunity to acquire an urban portfolio in two attractive destinations鈥� which benefit from strong domestic and international tourism.
鈥淭he transaction also provides us with the chance to expand Latroupe鈥檚 footprint and to continue consolidating our urban hostels portfolio as a key part of our wider hospitality strategy through the entry into important new markets such as Ireland.鈥�
Carlos Cano, Latroupe鈥檚 managing director, said: 鈥淭he transaction highlights Latroupe鈥檚 ambition to keep growing and adding new assets to the platform across some of the most consolidated European destinations. We are actively seeking new investment opportunities through the purchase of existing assets and through management agreements with property owners who want to leverage on Latroupe鈥檚 technology and know-how to grow their business.
鈥淥ur aim is to be the reference brand for our customers when they travel in Europe, thanks to the quality of our service and our promise to connect travellers with the best of the local scene in each city.鈥�
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