Queensgate completes €500 million debt restructure at Generator hospitality groupHospitality Insights
Queensgate Investments has completed a €500 million debt restructuring at hospitality platform Generator Group.
Funds managed by Apollo Global Management provided nearly €100 million in secured additional financing in support of the restructuring.
“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,” Jason Kow, CEO of Queensgate Investments said.
Generator consists of 19 hotels with 3,194 rooms across 17 cities and 10 countries. 17 of the 19 hotels are fully owned.
“We are pleased to have worked with Generator’s sponsor, creditors and management team to ensure an appropriate capital base addressing the operational and earnings dislocation of the current Covid-19 pandemic and look forward to working with the company as it goes through this challenging operating environment,” Ivo Kolev, Partner at Apollo, said.