Brookfield Asset Management Has agreed to acquire Generator HostelsEuropean Operations for approximately €776 million (about $876 million) from London-based Queensgate Investments.
The deal includes 15 properties with 2,800 keys in 10 countries including London, Amsterdam Berlin and Madrid.
Queensgate acquired Generator in 2017 For $480 million, the company has expanded its footprint to include 2019 acquisition of Freehand Hotels.
Generator is a lifestyle brand that caters to budget-conscious and younger travelers. It offers a mix of hostels and boutique hotels. The brand offers shared and private bedrooms, communal areas and food and beverages.
Brookfield plans to continue its growth by acquiring new companies and entering into third-party management agreements.
The firm emphasized its hospitality and leisure real estate track record, citing investments in Spanish hotel owner and operator Selenta Group and Center Parcs UK & Ireland, which operates five short-break holiday destinations.
Brookfield is a global real estate asset manager with over 1 trillion dollars in assets globally and manages 50 billion euros of real estate across Europe.
In July 2024, Generator and Freehand Hotels reported a EBITDA of over €38 million (about $43 million) for the first half of the year, an 18% increase from the previous year.
