Queensgate Investments Fund II, which is managed by Queensgate Investments, a real estate private equity manager has completed the acquisition of Generator Hostels from Patron Capital. The enterprise value of the transaction is circa €450 million (US$489 million).
Queensgate Investments’ plan is to own the portfolio for the long term, enhance the customer experience across all assets and to invest no less than €300 million (US$327 million) into expanding the portfolio with additional freehold assets focused predominantly in the U.S.
At the same time, Queensgate Investments announced the appointment of CEO Alastair Thomann and COO Andre Guettouche, replacing outgoing CEO Fredrik Korallus. Thomann was formerly CEO and Guettouche was formerly SVP of Rosewood Hotels & Resorts’ Penta Hotels brand. Queensgate Investment has appointed an interim board until Thomann and Guettouche join.
Generator Hostels owns 14 predominantly freehold assets (12 operational and two under development), totaling 8,639 beds, located mostly in European gateways.