Brookfield acquires Generator hostel brand
International news
Asset manager pays Queensgate Investments a reported $869 million for some 14 hotels and 2,800 keys in gateways around Europe.
Brookfield Asset Management is acquiring Queensgate Investments’ Generator Hotels platform in Europe with 15 properties and 2,800 keys in 10 gateway cities for €776 million ($869 million), according to multiple reports.
Queensgate acquired the brand with 14 properties in 2017 for €450 million from Patron Capital and Invesco Real Estate.
Queensgate also owns Generators in Miami and Washington, D.C.
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.
By Jeffrey Weinstein