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Generator Hostels: Queensgate sells for € 1.5B

According to rumors, the owner of Generator Hostels, Queensgate, has sold the company for a total amount of approx. 1.5 billion euros. The chain of hostels counts accommodations in several global destinations including London, Paris, New York, Miami, Rome and Venice. According to a source, the group would have started the sale process in 2020 under the supervision of the investment bank Goldman Sachs, which was then interrupted by the pandemic.

At the time, sales expectations were already around 1 billion. We recall that Queensgate had taken over Generator Hostels from Patron Capital Advisers as early as 05/2017 for approx. USD 470 million. In Italy Generator Hostel is active with two structures in Rome with 67 keys, and Venice with 29 keys. Between the two, it is the Veneto structure, which has already been operational for several years, which has recorded the largest volume of revenues.

The Veneto management vehicle also pays a fee of approx. 660 thousand euros. According to budget sources, the Generator Venice had been taken over by the chain for approx. EUR 7.6 million in 2011, while Albergo Principe Amedeo Srl, at the time owner of the Generator Rome building, then converted, had entered into a lease of EUR 9.4 million for the aforementioned asset in 07/2004.