Information on the Target

Donkey Hotels, a prominent hospitality company in Greece, currently owns and operates five luxury hotels, boasting a total of 834 rooms. Among these, the portfolio includes four iconic properties situated in Athens: Athenaeum Intercontinental Hotel, NEW Hotel, Semiramis Hotel, and Periscope Hotel, alongside NOUS Santorini Hotel located in Santorini. As part of a strategic initiative, Donkey Hotels aims to enhance its offerings and expand its reach within the Greek hospitality sector.

Industry Overview in Greece

Greece has consistently been a top destination for hospitality investment, recently maintaining its position among the top five European markets, as highlighted by the CBRE European Hotel Investor Intentions Survey 2025. This ranking is bolstered by robust tourism trends, with international arrivals reaching over 36 million and demonstrating nearly 10% growth in the past year alone. The country’s appeal is primarily driven by a diverse array of travel experiences, ranging from leisure to business tourism.

The luxury hotel segment in Greece is particularly vibrant, benefiting from increased traveler interest and high demand for quality accommodations. This surge is supported by Greece's historical and cultural allure, coupled with its stunning landscapes and favorable climate, making it a prime choice for international tourists.

Furthermore, the Greek hospitality sector is seeing a wave of modernization, with investments targeted towards upgrading existing facilities and creating new luxury experiences. This trend not only enhances the visitor experience but also aims to sustain the growth of the industry in a competitive European market.

Given the favorable investment climate, many players are keen to explore growth opportunities, particularly in the luxury segment. The joint venture created by Azora and the Ioannou Family is a reflection of the confidence held in the potential for significant returns within this thriving hospitality landscape.

The Rationale Behind the Deal

The decision to form a strategic partnership between Azora and the Ioannou Family centers on the shared ambition to cultivate an institutional-quality hospitality platform in Greece. By acquiring a 50.1% equity stake in Donkey Hotels, Azora aims to leverage its investment expertise to drive expansion and modernization efforts across the portfolio.

The alliance signifies a commitment to enhance the overall quality of Greece's tourism offerings while channeling international capital into sustainable and lasting investments in the hospitality sector.

Information About the Investor

Azora is a leading international alternative investment management platform recognized for its achievements within the hospitality and leisure sectors across Europe. With over 14,500 hotel keys under management and a portfolio comprising more than 60 hotels in Europe and the United States, Azora has positioned itself as a dominant player in the industry.

Since its inception, Azora has invested over €4.1 billion in hospitality ventures, emphasizing growth opportunities ranging from high-quality hotels to urban hostels. The firm actively collaborates with top operators to enhance performance and reposition holdings in line with market demands.

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This strategic partnership between Azora and Donkey Hotels represents a pivotal evolution towards establishing a leading institutional platform in Greek hospitality. Considering the strength of the Greek tourism sector and Donkey Hotels’ established portfolio, this investment could yield significant returns in the coming years.

By committing additional capital to upgrade existing properties and pursue acquisitions, the partners are strategically positioning themselves to capture emerging growth opportunities in a flourishing market. The intent to improve the quality of the hospitality offerings aligns well with ongoing trends in the sector.

Moreover, the combined expertise of Azora and the Ioannou Family is likely to foster innovation and operational efficiency, enhancing the long-term viability of the platform. As international travel speeds up post-pandemic, the demand for luxury accommodations is anticipated to rise, benefiting this newly formed alliance.

Overall, this deal marks a promising venture that not only represents a sound investment but also contributes to revitalizing and expanding Greece's reputation within the global hospitality market.

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