Generator, the group of urban design hostels, has acquired two more sites in Paris and Rome as part of its European rollout of the brand. The Paris site will be its largest with 950 beds.
The acquisitions mark the growth of Generator’s portfolio from two properties to 10 in less than three years.
The expansion, which will take the company’s total bed stock to in excess of 6,400, follows the opening of Generator’s flagship property in Barcelona in March.
Generator is backed by pan-European private equity group, Patron Capital. It aims to have 15 locations by 2015 and Patron Capital has invested an additional €150m into the business for this. There will be more sites in Europe as well as expansion into the US.
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. Generator is pioneering a blend of cutting edge design, creative events, and exceptional service culture in the most exciting cities across the world.”
