In a deal marking the strengthening presence of institutional investors in the Greek hotel sector, the international investment company Azora announced the acquisition of a majority stake in Donkey Hotels S.A., owned by the Ioannou family. The Spanish company acquired 50.1% of the shares through its managed funds, while the Ioannou family retains the remaining 49.9%, with Christos Ioannou remaining as Chairman of the Board.
A strategic long-term partnership
The Azora – Donkey Hotels collaboration is not just a simple equity participation but a broader strategic plan to create an institutional luxury hospitality platform in Greece. According to a joint statement by both parties, the goal is to create long-term value for shareholders and local communities through sustainable investments and qualitative upgrading of the Greek tourism product.
This move follows the continuous strengthening of the Greek tourism sector, which is recording impressive performance. According to the European Hotel Investor Intentions Survey 2025 by CBRE, Greece ranks among the top five investment destinations in Europe, especially in luxury hospitality.
Donkey Hotels portfolio: From Athens to Santorini
Donkey Hotels owns and manages five luxury hotel units with a total capacity of 834 rooms:
Athenaeum Intercontinental Hotel (Athens)
NEW Hotel (Athens)
Semiramis Hotel (Athens)
Periscope Hotel (Athens)
NO?S Santorini (Santorini)
The hotels are characterized by distinctive architectural style, high aesthetics, five-star hospitality services, and incorporation of local cultural elements, attracting both international and domestic guests with high expectations.
Upgrades and new investments
Azora and the Ioannou family committed to invest new capital to support a strategic development plan, which includes:
Upgrading the Athenaeum Intercontinental, one of the largest and most historic hotels in Athens.
Targeted investments in the existing portfolio to enhance competitiveness and upgrade offered services.
Exploiting new investment opportunities, mainly through acquisitions, already identified in the Greek market.
Christos Ioannou, Chairman of Donkey Hotels, described the deal as “a significant moment marking the company’s transition from a purely family business to an institutional platform with international reach.” He thanked the outgoing shareholders and praised the team’s contribution to Donkey Hotels’ success.
From Azora’s side, Javier Ar?s and Gonzalo Garc?a-Lago, Hospitality Partners of the company, stated that the investment in Donkey Hotels is a natural next step after Azora’s entry into the Greek market in 2022 with the acquisition of Sheraton Rhodes Resort. “The investment is not only about a quality portfolio. It’s a collaboration with a reliable local partner and a shared vision to establish a leading hotel platform in one of Europe’s most important tourism markets,” they noted.
Azora in Greece and internationally
With over €3.5 billion in investments and more than 110 hotels (28,000 rooms) in its portfolio since 2011, Azora is one of the leading institutional investors in the European hospitality sector. Its strategy includes luxury hotels, resorts, and urban hostels, with a presence in both Europe and the USA.
The deal with Donkey Hotels significantly strengthens Azora’s penetration in the Greek market, in light of the increasing demand for upgraded tourist experiences and high value-added tourism investments.
Deal advisors
The transaction was supported by a range of specialized advisors:
AXIA Ventures Group as exclusive financial advisor to Donkey Hotels and the Ioannou family.
Kyriakidis Georgopoulos Law Firm as legal advisor.
Xenios Investment Partners, Watson Farley & Williams, Ur?a Men?ndez, EY, and Arcadis provided advisory services to Azora.
