Generator has acquired two hostels in Paris and Rome. No financial terms were disclosed. Generator, which is backed by European private equity firm Patron Capital, is a hostel brand.
LONDON–(BUSINESS WIRE)–Generator, the award-winning group of urban design hostels, has acquired two further sites in Paris and Rome as part of its on-going European rollout. The Paris site will be the brand’s largest to date with 950 beds.
The acquisitions mark the growth of Generator’s portfolio from two properties to ten in less than three years, making Generator the world’s fastest growing hostel brand. The expansion, which will take the company’s total bed stock to in excess of 6,400, follows on from the opening of Generator’s new flagship property in Barcelona in March 2013.
The two new acquisitions are part of a continued growth phase for Generator, which is backed by pan-European private equity group, Patron Capital. Generator aims to have 15 locations by 2015 and Patron Capital has invested an additional €150m into the business in order to realise its ambitious growth plans; these include further sites in Europe as well as expansion into the US.
Generator Paris and Rome will be brought to life under the guidance of Chief Designer, Anwar Mekhayech. As one of the award-winning partners at Toronto-based The Design Agency, Anwar’s other clients include Soho House and MOMOFUKU. He will work with the local architects and developers to realise his design vision for these properties.
Prices will start from €12 per person per night for an en-suite dorm. Private en-suite rooms will be available from €25 per person per night based on two people sharing.
Carl Michel, Executive Chairman of Generator, said:
“We passionately believe that Generator’s design-inspired vision is raising the bar for the hostel industry and making style more accessible and affordable for the young traveller. We look forward to taking Generator’s unique flavour to Paris and Rome as we continue our rapid international expansion.”
Josh Wyatt, Director of Hospitality and Leisure at Patron Capital, said:
“Patron’s additional investment into Generator reinforces our belief in this concept and the strength of the management team. Young travellers are increasingly sophisticated and the combination of exceptional design, atmosphere and great value has turned Generator from a small business to an international market leader in an emerging asset class. Generator is pioneering a blend of cutting edge design, creative events, and exceptional service culture in the most exciting cities across the world. We look forward to its continued growth.”
Generator Paris – opening late 2014
True to all existing Generator locations, the Paris property will be located in the vibrant 10th Arrondissement and the Canal St-Martin neighbourhood, an area rich in art galleries, boutiques, bars and restaurants and only 15 minutes’ walk from both Gare de l’Est, Gare du Nord and Bastille.
Generator Paris will be the brand’s largest property, accommodating up to 950 guests in a range of dorms, private rooms and luxury penthouse apartments, all of which will be en-suite. The interiors will include a café lounge and a vibrant nightclub bar, all of which will be crafted to reflect the surrounding neighbourhood and the distinct Paris culture by The Design Agency, Generator’s expert design leaders.
Carl Michel, Executive Chairman of Generator said:
“Paris ranks with London and Berlin as one of the top three youth travel city destinations in the world. But it has become less affordable, due to the shortage of good quality, centrally located and affordable accommodation. With 950 beds, Generator Paris will be both the largest and the best hostel in the city.”
Generator Rome – opening Spring 2014
Built in the 1900s as an elegant residential building on Via Principe Amedeo, Generator Rome is perfectly positioned, located within a short walking distance of the Colosseum amphitheatre, Termini Station and Metro to the main Roman attractions.
Set over seven floors and with 80 rooms, the 3,900 sq m building will accommodate up to 264 guests and will include, café, bar and lounge. There will also be a 405 sq m rooftop terrace that will be open to all guests, commanding breath-taking views across Rome.
Carl Michel, Executive Chairman of Generator, said:
“This will be our second hostel in Italy and we believe our design-led concept will prove extremely popular all year round. Our plan is to open in spring 2014.”
For more information visit generatorhostels.com
Generator (generatorhostels.com) offers travellers stylish, central, safe and affordable accommodation.
As Europe’s fastest growing hostel brand, Generator currently has eight design-led properties and nearly 5,200 beds located across six countries. The properties attract guests from over 75 nationalities.
The award-winning group’s portfolio of urban design hostels expanded to eight in spring 2013 with the addition of its first venture in Spain (Barcelona) and its second in Berlin. These join Generator’s existing portfolio of boutique-inspired hostels in Berlin Prenzlauer Berg, Copenhagen, Dublin, Hamburg, London and Venice.
Characterised by their cutting-edge design, central locations, creative events, locally-inspired menus and wide range of room options, from private en-suite twins to female-only dorms, each Generator hostel offers free Wi-Fi, stylish bar and chill-out areas, 24-hour security plus a free walking tour of the city. Welcoming, knowledgeable staff are on hand around the clock to provide advice on exploring the local area and other tips for a memorable city stay.
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About Patron Capital Partners
Patron represents approximately €2.5 billion of capital across several funds (including its most recent Fund IV) and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses.
Since it was established in 1999, Patron has invested in over 100 transactions across over 50 investments, involving approximately 40 million square feet in 13 countries, with many of these investments realised.
Investors represent a variety of prominent universities, major institutions, private foundations, and high net worth individuals located throughout North America, Europe, Asia and the Middle East.
The investment advisers are based in London and Luxemburg and Patron has other offices in Barcelona, Milan and Dreieich (Germany); the group is comprised of 71 people, including a 34-person investment team and eight senior advisers/direct partners.
For further information about Patron, please see www.patroncapital.com