Ivanhoé Cambridge completed the sale of an 18-hotel portfolio to Apollo European Principal Finance Fund II, an investment fund affiliated with American private equity firm Apollo Global Management.
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 Ivanhoé 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, Ivanhoé 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 Ivanhoé Cambridge, and we are very pleased with the transaction process.