Azora, one of the leading asset managers investing in the hospitality and leisure sector in Europe, and the Ioannou Family have signed a strategic partnership agreement to develop Donkey Hotels as an institutional hotel platform in the Greek market. The joint venture was established through the acquisition by funds managed by Azora of a 50.1% stake in Donkey Hotels S.A., while the remaining 49.9% remains in the hands of members of the Ioannou Family, represented by Christos Ioannou, who will continue as Chairman of the Board.
Through this joint venture, the parties will operate and jointly expand Donkey Hotels as an institutional hotel platform in Greece, creating long-term value not only for shareholders but also for employees, customers, and local communities. Greece has recently maintained its position among the top five European destinations for hotel investment, according to CBRE’s 2025 European Hotel Investor Intentions Survey, supported by a rise in tourism and growth in the luxury hotel segment.
Donkey Hotels currently owns and operates five luxury hotel properties in Greece, with a total of 834 rooms, including four landmark hotels in Athens — the Athenaeum InterContinental Hotel, NEW Hotel, Semiramis Hotel, and Periscope Hotel — and the NOUS Hotel in Santorini.
As part of this alliance, the parties have agreed to a capital injection to strengthen the company’s balance sheet and execute the strategic plan, which includes the renovation of the Athenaeum InterContinental Hotel, further enhancements across the portfolio, and additional transactions in the Greek market.
This strategic partnership is driven by the shareholders' shared goal of seizing growth opportunities in the Greek hospitality sector, improving the overall quality of the tourism offering, and attracting international capital to the country through long-term sustainable investments.
Christos Ioannou, Chairman of Donkey Hotels, said: “This is a significant moment for Donkey Hotels, as we transition from a fully family-owned business to an institutional platform with Azora as a strategic partner. I want to thank our current shareholders for their trust and our entire team for their commitment and effort. Together, we are opening a new chapter in Donkey Hotels' history with a very promising outlook.”
Javier Arús and Gonzalo García-Lago, Partners responsible for Hotels at Azora, stated: “Following our acquisition of the Sheraton Rhodes in 2022, and with the ongoing improvement of the Greek hotel sector — with over 36 million international tourists last year — we’ve been actively seeking the right opportunity to grow in the region. Our investment in Donkey Hotels allows us not only to acquire a stake in a high-quality hotel portfolio but also to form a strategic alliance with a local partner who shares our vision to grow Donkey Hotels in one of today’s most attractive hotel investment markets.”
With over 14,500 rooms currently managed across more than 60 hotels in Europe and the US, Azora has become one of the leading investors in Europe’s hospitality and leisure sector, having invested over €4.1 billion in the space, including more than 110 hotels and 28,000 rooms since 2011. Azora’s hotel strategy spans the full spectrum of the hospitality market, from upscale hotels to urban hostels, and includes assets requiring active management and repositioning, working closely with top-tier operators.
In the transaction, AXIA Ventures Group acted as exclusive financial advisor and Kyriakidis Georgopoulos law firm as legal advisor to Donkey and the Ioannou Family, while Xenios Investment Partners, Watson Farley & Williams, Uría Menéndez, EY, and Arcadis advised Azora.
About Azora
Azora Capital is a leading alternative investment manager operating across pan-European and US real asset markets, with €14.6 billion in assets under management. Azora has over 20 years of experience successfully developing and managing value-add investment strategies focused on global megatrends, with a particular emphasis on operationally intensive asset classes. To date, Azora has achieved a combined net IRR of 19% across all its investments, leveraging its expertise to deliver long-term value and alpha to investors.
Founded in 2003 by Concha Osácar and Fernando Gumuzio, Azora employs over 600 professionals across three offices in Europe and the United States. The firm takes pride in its inclusive and entrepreneurial culture and its vision to become a force for change in the world through a strong commitment to the highest standards of environmental and social sustainability.
For more information, visit: www.azora.com
About Donkey Hotels
Donkey Hotels S.A. is a Greek luxury hotel group formed in 2021 through the merger of Athenaeum Hotel and Tourism Enterprises S.A. ("Athenaeum S.A.") and YES Hotels S.A., two hotel companies controlled by the Ioannou Family. Athenaeum S.A., founded in 1971, developed the historic Athenaeum InterContinental Athens Hotel, which opened in 1982. YES Hotels S.A. owned and operated the Semiramis Hotel, Periscope Hotel (both since 2004), and the NEW Hotel (opened in 2011), all members of Marriott's Design Hotels. NOUS Santorini Hotel, the group’s first property outside of Athens and also a Design Hotels member, opened in July 2022. Each Donkey Hotels property offers a unique experience that immerses guests in local culture, cutting-edge design, and contemporary art.
For more information, visit: donkeyhotels.gr
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