Spanish real estate investment firm Azora has acquired a 50.1% stake in Greek luxury hotel operator Donkey Hotels, marking a significant step in its expansion into one of Europe’s most dynamic tourism markets.

The deal, finalised at the end of July 2025, sees Azora join forces with the Ioannou family, long-standing owners of Donkey Hotels, in a partnership aimed at developing a high-quality, institutionally managed hospitality platform in Greece.

“This is an important moment for Donkey Hotels, as we evolve from a fully family-owned business into an institutional platform with Azora as our strategic partner,” said Christos Ioannou, Chairman of Donkey Hotels.

Under the terms of the agreement, Azora purchased its majority stake from existing shareholders, while the Ioannou family retains 49.9% and continues to lead the board. Both parties have pledged fresh capital to upgrade existing properties and pursue new acquisitions across Greece, targeting both leisure and business hotels.

Donkey Hotels’ portfolio currently comprises five luxury properties totalling 834 rooms. Four are located in Athens, the Athenaeum Intercontinental Hotel, NEW Hotel, Semiramis Hotel, and Periscope Hotel, while NOUS Santorini Hotel offers a premium island experience. Plans are already in motion to enhance the Athenaeum Intercontinental and invest further across the collection.

Greece remains a top-five European destination for hospitality investors, according to CBRE’s 2025 European Hotel Investor Intentions Survey. With the tourism sector buoyed by strong visitor numbers and growing demand for luxury experiences, Azora and Donkey Hotels are positioning themselves to capitalise on these favourable conditions.

 Azora, which manages more than 14,500 hotel keys across Europe and the US, has invested over €4.1 billion in the hospitality sector since 2011. Its presence in Greece began in 2022 with the acquisition of the Sheraton Rhodes. This latest investment reflects both confidence in the Greek tourism market and in the operational expertise of the Ioannou family.

“Our investment into Donkey Hotels provides us with that opportunity. Not only does it allow us to acquire a stake in a high quality portfolio of established hotels that are performing well, it also sees us establish a partnership with a like-minded local partner with a shared ambition to establish and grow a market leading hotels platform in one of Europe’s most important hospitality markets,” commented Javier Arús and Gonzalo García-Lago, Azora’s Hospitality Partners.

The collaboration is set to deliver more than just financial returns. Beyond enhancing guest experiences, the partners aim to create employment opportunities and strengthen ties with local communities. For travellers, this means elevated service standards and refreshed destinations, whether enjoying the cultural vibrancy of Athens or the sunsets of Santorini.

The transaction was supported by a team of legal and financial advisors. Donkey Hotels and the Ioannou family worked with AXIA Ventures Group and Kyriakidis Georgopoulos Law Firm, while Azora was advised by Xenios Investment Partners, Watson Farley & Williams, Uria Menendez, EY, and Arcadis.

As Greek tourism continues its upward trajectory, the partnership between Azora and Donkey Hotels represents a strategic blend of local heritage and international investment expertise, poised to redefine the country’s luxury hospitality offering.