Strategic alliance to strengthen presence in Greece
Azora and the Ioannou family have formed a joint venture to develop Donkey Hotels as an institutional platform in the Greek hotel sector. The Ioannou family, still holding 49.9% of the company, will continue to run the business, with Christos Ioannou remaining Chairman of the Board.
The group currently operates five luxury hotels in Greece, including four in Athens – the Athenaeum Intercontinental, NEW Hotel, Semiramis and Periscope – and one in Santorini, the NOUS Santorini.
Both parties are committed to injecting capital to strengthen Donkey Hotels’ position, by upgrading existing properties, notably the Athenaeum Intercontinental, and pursuing the acquisition of new assets. The aim of this partnership is to provide a stable and sustainable platform, generating long-term value for shareholders and local communities.
Sustained growth in the Greek tourism market
The Greek hotel market has experienced strong growth in recent years, underpinned by a steady increase in the number of international visitors. By 2025, Greece will remain one of the top five hotel investment destinations in Europe.
This tourism dynamic creates a favorable environment for investment in the hotel sector, particularly in the luxury hotel segment, as evidenced by the performance of Donkey Hotels’ hotels.
“This moment marks a turning point for Donkey Hotels, as we evolve from a family-owned company to an institutional platform, with Azora as our strategic partner. We look forward to working together to grow our business and open a new chapter with solid prospects.” – Christos Ioannou
Azora: a key player in the European hotel industry
Azora, which has already invested over 4.1 billion euros in the hotel business, currently manages over 14,500 rooms across Europe and the United States. Their investment in Donkey Hotels represents a strategic opportunity to increase their presence in the Greek market, a key sector for the group’s future growth.
“After acquiring the Sheraton Rhodes in 2022, we were looking for the perfect opportunity to expand our presence in Greece. This collaboration allows us to invest in a high-quality hotel portfolio while teaming up with a local partner to develop Donkey Hotels in a key hotel market.” – Javier Arús and Gonzalo García-Lago, Heads of Hotels at Azora
With this investment, Azora and the Ioannou family aim to create a robust, long-term hotel platform, positioned to exploit the potential of the Greek market, while enhancing the quality of the local tourism offering.
