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A North American fund buys portfolio of 18 European hotels

2 min reading time

Published on 02/05/14 - Updated on 17/03/22

The properties affected by the transaction are operated under the IHG brands of Crowne Plaza, Holiday Inn, and Holiday Inn Express

Apollo European Principal Finance Fund II, a fund affiliated with Apollo Global Management, announced it has completed the acquisition of a portfolio of 18 European hotels from Ivanhoé Cambridge. The terms of the transaction have not been made public.

The acquisition concerns properties operated by the InterContinental Hotel Group, under the brands Crowne Plaza, Holiday Inn and Holiday Inn Express : one in Austria, one in Belgium, one in France, 11 in Germany, two in the Netherlands and two in Spain.

"This transaction is in line with our strategy of rationalizing our overall hotel exposure and reinvesting our capital in our core asset classes and in key markets globally," said Sylvain Fortier, Ivanhoé Cambridge's Executive Vice President, Residential, Hotels and Real Estate Investment Funds. "This sale brings to a conclusion a long-term investment for Ivanhoé Cambridge, and we are very pleased with the transaction process."

Commenting on the transaction, Roger Orf, a Partner of Apollo EPF II as well as Head of Apollo European Real Estate, said, "It's our view that the European market will continue to generate opportunities in the hotel and other commercial property sectors which are consistent with our strategy of focusing on complex and illiquid situations where we can work with sellers to provide solutions. We are pleased to have been able to build upon our strong relationship with Ivanhoé Cambridge to make this transaction a success and look forward to collaborating on other projects in the future."

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately US$161B as of December 31, 2013.

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InterContinental Hotels Group

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