Generator announces new CEO; Queensgate completes deal
 
Generator announces new CEO; Queensgate completes deal
12 MAY 2017 8:38 AM

Queensgate Investment has finalized its acquisition of Generator Hostels, and Generator has a new CEO in Alastair Thomann, former CEO at Penta Hotels, who succeeds Fredrik Korallus.

LONDON, 12 May 2017 -- 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 EUR 450M.

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 EUR 300M into expanding the portfolio with additional freehold assets focused predominantly in the US.

Queensgate Investments has appointed Alastair Thomann CEO and Andre Guettouche COO respectively of Generator Hostels. Mr Thomann was formerly CEO of Penta Hotels, a best in class global lifestyle hotel portfolio with 27 assets across Europe, North America and Asia. Mr Thomann’s track record marries superior customer experience with superlative operational results. Mr Guettouche was formerly SVP Penta Hotels. Mr Guettouche has worked with Mr Thomann since 2006 to effect the transformation of Penta Hotels. Prior to Penta Hotels Mr Guettouche held senior positions at IHG.

Queensgate Investment has appointed an interim board until Mr Thomann and Mr Guettouche join.

Generator Hostels owns 14 predominantly freehold assets (12 operational and two under development), totalling 8,639 beds, located in London, Paris, Copenhagen, Amsterdam, Miami, Dublin, Hamburg, Barcelona, Berlin Mitte, Stockholm, Madrid, Venice, Berlin Prenzlauer Berg and Rome. Generator Hostels earns current revenues of over EUR 70M, and targets the fast-growing sector of millennial customers, focusing on the best capital city addresses, design-led interiors, a safe environment and, most of all, attractive shared social spaces.

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