Brookfield acquires Generator hostel brand

LONDON – Brookfield Asset Management is acquiring Queensgate Investments’ Generator Hotels platform in Europe with 15 properties and 2,749 keys in 10 gateway cities for €776 million ($869 million).

Queensgate acquired the brand with 14 properties in 2017 for €440 million from Patron Capital and Invesco Real Estate.

The company also owns Generators in Miami and Washington, D.C.

“Queensgate is proud to have acquired Generator smartly at €440 million, to have transformed the brand, earnings and asset base and to successfully exit the European arm to Brookfield at €776 million,” said Jason Kow, CEO of Queensgate Investment. “We are proud of Generator’s journey and look forward to watching Generator’s continued success under Brookfield’s ownership”  

Brookfield said it will pursue strategic acquisitions and third-party management deals to drive growth for Generator.

Brookfield has long been active in the hotel sector with companies and brands like Center Parcs, Edyn, Experimental Group and Selenta Group in its stable.