An international CMS team has advised longstanding client Patron Capital on the sale of design-led hostel owner and operator Generator Hostels to Queensgate Investments, a private equity real estate fund manager. The transaction has an enterprise value of circa EUR 450m and is expected to complete in May 2017.
Generator Hostels owns 14 predominantly freehold assets (12 operational and two under development), totalling 8,639 beds, located in London, Paris, Copenhagen, Amsterdam, Miami, Dublin, Hamburg, Barcelona, Berlin Mitte, Stockholm, Madrid, Venice, Berlin Prenzlauer Berg and Rome.
A CMS team from the UK, France, Germany and Netherlands headed by lead partner Louise Wallace advised Patron Capital.
Commenting on the transaction, Louise Wallace said: “Patron Capital is a longstanding client of the firm and we are delighted to have assisted them with the sale of Generator Hostels to Queensgate Investments. The deal involved invaluable support from a wide range of CMS offices and practice areas and we look forward to advising Patron Capital through to completion of the sale which is expected in May 2017.”
The CMS team included: CMS UK (Narinder Jugpal, Helen Arathimos, Paul Cole, Joshua Pistol, Alasdair Goodison and Bridget Muirhead (Corporate); Aaron Fairhurst, Nicholas Stretch, Jason Todd and Richard Taylor (Tax); Sally Badham and Pierluigi Pagliuca (Property) and Andrew Atwell (Employment), CMS France (Alexandra Rohmert, Julie Bailly and Xavier Cambier), CMS Germany (Gerd Leutner, Johannes Steinacher and Franziska Krokutsch) and CMS Netherlands (Abbas Ali Hyder and Roman Tarlavski).