Hotel Group Sues To Force Apollo To Close €93M Deal

Law360, London (October 6, 2020, 6:05 PM BST) -- A Spanish hotel group sued U.S. investment firm Apollo Capital Management in London for failing to follow through with a €93 million ($110 million) deal for two Canary Islands resorts after gaining antitrust clearance for the deal at the pandemic's peak.  

Lopesan Group says that three funds run by Apollo Capital Management LLC have missed a deadline to honor a November 2019 agreement for 150,000 shares — or 85.2% — of Creativ Hotel Buenaventura SA.

Lopesan Touristik SA — which filed the newly public Sept. 15 High Court suit — says it entered into a share sale and purchase agreement with...

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