Brookfield Asset Management has acquired the European operations of lifestyle hospitality platform Generator Group from Queensgate Investments for €776m.
Queensgate acquired Generator Group in May 2017 for €440m. At the time it was a regional hostel business operating 12 assets and 1,894 rooms. Today, the hotel brand operates 21 assets and 3,925 rooms globally.
Brookfield is acquiring the European arm of Generator Group, which comprises 15 assets providing 2,749 rooms across locations including Dublin, London, Berlin, Paris and Rome.
Jason Kow, CEO of Queensgate Investment, said: “Queensgate is proud to have acquired Generator smartly at € 440m, to have transformed the brand, earnings and asset base, and to successfully exit the European arm to Brookfield at €776m. We are proud of Generator’s journey and look forward to watching Generator’s continued success under Brookfield’s ownership.”
Morgan Stanley & Co International acted as sole financial advisor to Queensgate Investment. Brown Rudnick and EY advised Queensgate. Kirkland & Ellis, DLA Piper and KPMG advised Brookfield.
