According to a recent announcement, under the terms of the agreement, Azora—through investment funds it manages—has acquired a 50.1% stake in Donkey Hotels S.A. from certain shareholders of the company. Members of the Ioannou family retain the remaining 49.9%, with Mr. Christos Ioannou continuing to serve as Chairman of the Board of Directors.
The announcement further states that Azora and the Ioannou family will collaborate to advance the development of Donkey Hotels, aiming to establish the new hospitality platform as a long-term value creator for shareholders, employees, guests, and local communities across Greece. According to the recently published European Hotel Investor Intentions Survey 2025 by CBRE, Greece remains among the top five investment destinations in Europe, buoyed by tourism trends and the robust growth of the luxury hospitality sector.
Donkey Hotels currently owns and operates five luxury hotel properties in Greece, with a total capacity of 834 rooms. These include four iconic properties in Athens—Athenaeum Intercontinental Hotel, NEW Hotel, Semiramis Hotel, and Periscope Hotel—as well as the NOUS Santorini Hotel in Santorini.
As part of the transaction, Azora and the Ioannou family will inject new capital to support a strategic growth plan for Donkey Hotels. This plan includes the refurbishment of the Athenaeum Intercontinental Hotel, targeted investments to enhance the existing portfolio, and the exploitation of identified acquisition opportunities.
Regarding the transaction, Mr. Christos Ioannou, Chairman of Donkey Hotels, commented:
"This marks a pivotal moment for Donkey Hotels as we transition from a purely family-run business into an institutional platform with Azora as a strategic partner. I wish to thank the departing shareholders for their trust and our entire team for their dedication and hard work. Together, we embark on a new chapter built on strong foundations and even greater prospects."
Javier Arús and Gonzalo García-Lago, Hospitality Partners at Azora, also remarked:
"Since entering the Greek market in 2022 with the acquisition of Sheraton Rhodes, and with the continuous strengthening of the Greek tourism sector—registering nearly 10% growth in international arrivals surpassing 36 million last year—we sought the ideal opportunity to further expand our presence in the region. Investing in Donkey Hotels not only provides access to a high-quality hotel portfolio with excellent performance but also enables us to form a partnership with a local team that shares our vision to create and develop a leading hotel platform in one of Europe’s most significant hospitality markets."
With over 14,500 rooms under management across more than 60 hotels in Europe and the United States, Azora has established itself as one of the leading investors in the hospitality and leisure sector in Europe. Since 2011, Azora has invested over €3.5 billion in the sector, acquiring more than 110 hotels and 28,000 rooms in total. Azora’s hospitality strategy spans the entire market spectrum—from upscale hotels to urban hostels—and involves active management and restructuring efforts carried out in close cooperation with leading operators.
For the execution of this partnership, AXIA Ventures Group acted as exclusive financial advisor, while the law firm Kyriakidis Georgopoulos served as legal counsel to Donkey Hotels and the Ioannou family. Xenios Investment Partners, Watson Farley & Williams, Uria Menendez, EY, and Arcadis provided advisory services to Azora.
