When Azora and the Ioannou family shook hands in July 2025, it was more than another formal agreement. This partnership, marked by Azora’s 50.1% acquisition in Donkey Hotels (.pdf press release), sparks a promising new era for luxury hospitality in Greece. The shared goal is simple yet ambitious: to nurture a high-standard, institutionally managed hotel platform that goes far beyond the typical.
“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.
Donkey Hotels isn’t just a name travelers whisper with longing—it’s five luxury properties, totaling 834 rooms, each exuding its charm. Four of these call Athens home: Athenaeum Intercontinental Hotel, NEW Hotel, Semiramis Hotel, and Periscope Hotel, while the sun-kissed NOUS Santorini Hotel rounds out the portfolio on the island’s edge. Together, these establishments already hint at the magic this joint venture might unlock.
Deal highlights:
- Azora secures a 50.1% stake in Donkey Hotels S.A. by purchasing shares from existing owners.
- The remaining 49.9% stays under the Ioannou Family, led by Christos Ioannou, who retains the role of Chairman of the Board.
- Both groups commit fresh capital to support hotel improvements and new acquisitions.
- Focus on growing the business through leisure and business hotel purchases across Greece.
This collaboration comes as Greece maintains its spot among Europe’s top five destinations for investors, according to CBRE’s latest European Hotel Investor Intentions Survey (2025). A buoyed tourism industry and a growing appetite for luxury stays have combined to set the stage for expansion.
Investing in Growth, Guided by Experience
What sets this alliance apart isn’t just the prestige of the properties involved, but also the shared trust and vision. Azora, based in Spain, manages over 14,500 hotel keys across Europe and the US, and has funneled more than €4.1 billion into hospitality since 2011. Their move into Greece started in 2022 with the Sheraton Rhodes. This latest step signals not only confidence in the Greek market but also in the stewardship of the Ioannou family and the earned reputation of Donkey Hotels.
The agreement promises more than new signage or polished lobbies. Plans include a thoughtful upgrade of the Athenaeum Intercontinental, investments in the current portfolio, and the pursuit of fresh properties from a curated pipeline. The expanded platform isn’t just for investors—it looks ahead to what matters for employees, guests, and the communities these hotels call home.
What This Means for Greek Tourism and Travelers
Beyond the corporate balance sheets, this partnership promises more dreams fulfilled for travelers and more jobs for locals. It’s an invitation to enjoy the wonders of Athens from a classic suite or soak up Santorini’s sunsets from a sleek balcony, knowing there’s a new investment and fresh vision behind the hospitality. For those curious about where Greek luxury is heading, Azora and Donkey Hotels offer more than a hint—they’re sketching out the future, one property at a time.
“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.
For legal and financial finesse, Donkey Hotels and the Ioannou Family were guided by AXIA Ventures Group and Kyriakidis Georgopoulos Law Firm. At the same time, Azora leaned on Xenios Investment Partners, Watson Farley & Williams, Uria Menendez, EY, and Arcadis.
Greek tourism keeps climbing. With partnerships like this, the allure of iconic hotels grows ever stronger, promising new layers to stories travelers will take home—moments tied to the vision and shared ambition behind Donkey Hotels.
