Apollo Global sells London hotel for $605m
Queensgate Investments has acquired the 910-room Holiday Inn Forum Kensington in London from Apollo Global Real Estate for £400 million ($605 million). The hotel was acquired this summer by Apollo Global Management as part of a £1 billon ($1.54 billion) portfolio from LRG Acquisition. The sellers were Realstar Group, Lehman Bros. Holdings and GIC. Apollo Global bought the 22-hotel portfolio, totaling 5,192 rooms, under a franchise agreement after a management deal with InterContinental Hotels Group expired in 2014. Queensgate Investments is a partnership between Jason Kow and the LJ Group. The sale follows Apollo Global’s disposition of a 10-property, 825,314-square-foot U.K. office portfolio for $331.2 million to Kennedy Wilson Europe. And it follows Apollo Global’s acquisition of a 1.65 million-square-foot German office portfolio for $304.5 million from Hatfield Phillips, on behalf of Eurocastle.