Queensgate Investment purchased the Holiday Inn London Kensington Forum for approximately £400 million (US$612.7 million) from Apollo Global Management, reports Property Week. The 906-room property is the fifth largest hotel in London.
The hotel is part of the £1 billion (US$1.5 billion) portfolio that Apollo Global Management acquired earlier this year from LRG Acquisition, a consortium of Canada’s Realstar Group, Singaporean sovereign wealth fund GIC and Lehman Brothers Real Estate Partners.
Queensgate currently advises and manages about £1.2 billion (US$1.8 billion) of assets, excluding the new acquisition.