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Brookfield Asset Management has agreed to acquire Generator Hostels’ European operations for approximately €776 million (about $876 million) from London-based Queensgate Investments.
The transaction includes 15 properties and 2,800 keys across 10 countries, in cities such as London, Amsterdam, Berlin, and Madrid.
Queensgate acquired Generator in 2017 for $480 million and expanded its footprint in 2019 with the acquisition of Freehand Hotels.
Generator operates in the affordable lifestyle segment, offering a hybrid of hostel and boutique hotel accommodations tailored to younger and budget-conscious travelers. The brand has shared and private rooms, communal areas, and food and beverage.
Brookfield said it would pursue growth through further acquisitions and 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 manages over $50 billion in real estate assets across Europe and over $1 trillion globally.
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.
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