Apollo buys 35 properties in Europe
Apollo European Principal Finance Fund II, a fund affiliated with Apollo Global Management, has completed the acquisition of a portfolio of 18 European hotels from Ivanhoé Cambridge. Terms of the transaction were not disclosed in the firm’s official announcement. However, media outlets reported the sales price to be approximately €425 million ($589 million).
The investment includes one hotel in Austria, one in Belgium, one in France, 11 in Germany, two in the Netherlands and two in Spain operated under the IHG brands of Crowne Plaza, Holiday Inn and Holiday Inn Express.
Apollo European Principal Finance Fund II continues the investment strategy of the previous Apollo European Principal Finance Fund I by primarily purchasing portfolios of European nonperforming loans and, to a lesser extent, performing loans at attractive discount