European micro-accommodation platform Kabannas acquired a trio of properties from YHA England & Wales in the UK.
The RoundShield Partners-backed company has acquired properties in London, Liverpool and Newcastle.
It is targeting €100m-plus (£86m-plus) in acquisitions of micro-accommodation assets across Europe on an all-cash basis.
Kabannas’ strategy is to expand its micro-accommodation brand across 15 locations across Europe to take advantage of the rapidly evolving, highly fragmented ultra-budget end of the hospitality market that represents more than 35% of all global travel and approximately €200bn in annual spending.
The vision is to create high-quality and great-value social hubs for 18 to 35-year-old guests.
Its focus is on acquiring existing hospitality assets, or assets with planning permission, that require refurbishment or repositioning, ranging in size from 21,000 sq ft to 107,000 sq ft in central city locations. The transactional focus is on freehold assets between €10m to €50m in value.
All YHA England & Wales employees have been given the opportunity to join Kabannas.
Savills advised YHA England & Wales on the transaction.
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