Ivanhoe Cambridge sells 18 European hotels to Apollo Global fund
The Montreal Gazette revealed that, while the terms of the deal were not disclosed,?all 18 properties are European hotels. Eleven of the hotels are in Germany, two are in Spain, two are in the Netherlands and one each resides in Austria, Belgium and France. The properties operate under the Crowne Plaza, Holiday Inn and Holiday Inn Express flags.
JLL brokered the transaction. Hogan Lovells provided legal counsel to Ivanho? Cambridge, and Ashurst was legal counsel for Apollo on the transaction,?according to the Wall Street Journal. Ivanhoe Cambridge currently has $40 billion in assets, primarily located in Canada, the United States, Europe, Brazil and Asia, with a portfolio consisting mainly of shopping centers, office buildings and multi-residential properties.
?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,? Sylvain Fortier, Ivanho? Cambridge?s EVP, residential, hotels and real estate investment funds,?told the Herald Online. ?This sale brings to a conclusion a long-term investment for Ivanho? Cambridge, and we are very pleased with the transaction process.
Source: Elliott Mest (2014). Ivanhoe Cambridge sells 18 European hotels to Apollo Global fund, Hotel Investment News http://www.hotelmanagement.net/investment/global-apollo-global-fund-scoops-up-18-european-hotels published Apr, 2014. Viewed May 02, 2014.