US: Queensgate Investments has completed the refinancing of two Generator Group lifestyle hotels, in Miami and Washington, for circa $55 million with funds managed by Apollo.
The news follows a circa €500 million debt restructuring for Generator Group earlier this year by Queensgate, in which Apollo provided nearly €100 million in secured financing.
Generator owns, operates and develops assets across Europe and North America. The portfolio consists of 19 hotels totalling 11,500 beds across 10 countries. All properties are independently branded and operated by an in-house management team.
Jason Kow, CEO of Queensgate said: “We are pleased to continue our successful capital partnership with Apollo providing competitive, well-structured financing for the Generator Group.”
Queensgate advises and manages around £3 billion of assets through the suite of its funds.
In 2019, Queensgate acquired several properties under the Grange Hotels brand for around £1 billion from the Matharu brothers. The hotels now trade as the Leonardo Royal London St Paul’s, Leonardo Royal London Tower Bridge, Leonardo Royal London City, and the NYX Hotel London Holborn.
The company also acquired Freehand Hotels from Sydell Group in 2019.
Apollo is an alternative asset manager with approximately $481 billion of assets under management as of 30 September 2021.
