Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxe lles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 08.11.2019  
C(2019 ) 8109 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9548  – APOLLO CAPITAL MANAGEMENT / COVIVIO / 
HILTON KILMAINHAM  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 16 October  2019 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Apollo Capital 
Management, L.P. (“Apollo”, U.S.A.) and Covivio, S.A. (“Covivio”, France) acquire 
within the meaning of Article 3(1)(b)  and 3(4) of the Merger Regulation joint control 
over the whole of Hilton Kilmainham Hotel (“Hilton Kilmainham”, Ireland)  by way 
of purchase of shares  and a hotel management agreement .3 
2. The business activities of the undertakings concerned are:  
 for Apollo : investments funds managed by affiliates of Apollo invest in 
companies and debt issued by companies involved in various businesses 
throughout the world. Examples of current investments include, inter alia, 
companies in education, insurance, financial servi ces, lighting, and leisure 
businesses.  
 for Covivio : is a French real estate investment group with a commercial assets 
portfolio across Europe mainly comprising of offices, as well as residential assets 
and hotels. Covivio currently owns 466 hotels in count ries in the EEA (France, 
Germany, UK, Spain, Belgium, Netherlands, and Portugal), and manages seven of 
these hotels directly.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The termin ology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 361, 25.10.2019 , p. 7. 

2  for Hilton Kilmainham : is a four star hotel in Dublin city centre, offering 120 
bedrooms, as well as a restaurant, bar and conference facilities.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (b) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .