Generator has been awarded its first third-party management agreement in Europe, for Schroders Capital's ONE80° Hostel, centrally-located at Alexanderplatz, Berlin.
This deal marks another significant milestone for the company, having won the management agreement for The Paramount Times Square in September 2022.
Generator began operating the property at the start of this year and is planning a refurbishment with the aim of utilising the brand's hybrid model of part-private, part-shared accommodation and transforming its 11 private and 121 shared rooms with its locally inspired design.
Schroders Capital bought the ONE80° Hostel, alongside two other properties as part of the acquisition of a complex in Berlin in 2021.
According to React News, French private equity firm PAI Partners is in exclusive talks to buy the European arm of Queensgate Investments’ hostels business Generator.