Azora, a Madrid-based European real estate investment manager, has completed the acquisition of the Pestana Blue Alvor, a five-star hotel in Portugal’s Algarve region, on behalf of the Azora European Hotel & Lodging (Azora EH&L), from Pestana Hotel Group, a Portuguese hospitality group.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
