APPLE LEISURE GROUP TO ACQUIRE MAJORITY HOLDING IN ALUA HOTEL & RESORTS
Pennsylvania-based Apple Leisure Group (ALG) has announced the signing of an agreement to purchase a majority share of the Spanish hotel chain Alua Hotel & Resorts. Following the deal’s closing, Alua will be integrated into ALG’s European operations, with ALG looking to grow the Alua brand in both Europe and the Americas. Founded in 2015 with the support of European private equity firm Alchemy Partners, Alua currently operates 12 four-star properties, totalling some 3,000 rooms, in Spain’s Balearic and Canary Islands, which are owned by major investors such as KKR and Blackstone. ALG has been owned by KKR and KSL Capital Partners since early 2017.