Queensgate Investments has completed the circa €500 mln debt restructuring for Generator Group, a lifestyle hospitality platform which owns, operates, and develops lodging assets across Europe and North America.
Funds managed by Apollo Global Management provided nearly €100 mln in secured additional financing in support of the restructuring.
Generator Group consists of 19 hotels, with a total of 3,194 rooms or 11,390 beds in 17 gateway cities across 10 countries. 17 of the 19 hotels are fully owned. The hotels are independently branded and operated by a fully integrated hotel management team. The customer targeted is the fastest growing and resilient Millennial and Generation Z customer.
Jason Kow, CEO of Queensgate Investments, said ‘Queensgate Investments is proud to have completed the restructure of the largest multi-jurisdictional financings during the Covid pandemic to support one of the most exciting asset-backed hospitality platforms on the street.’
Commenting on the recovery of the market, Jason Kow added, ‘With the Millennial and Generator Z customer base, we are confident of a rapid and resilient recovery once travel restrictions are lifted.’
Skardon Baker, senior partner of Apollo, commented: ‘This transaction showcased the breadth of Apollo’s expertise with respect to offering well-structured, asset backed capital solutions for complex recapitalization and restructuring transactions. We were pleased to provide Queensgate with a creative financing solution for a diverse portfolio of hospitality assets.’
