A pan-European hostel investment partnership made up of BlackRock Real Assets and specialist operator Amistat International has acquired a 412-bed asset in Dublin from Patron Capital and CoDE Pod Hostels.
Patron Capital teamed up with CoDE in October 2017 to buy the unbranded hostel and transformed it from a traditional bunk-beds into the pod-style Jacobs Inn hostel.
The acquisition of Jacobs Inn represents BlackRock and Amistat’s fourth hostel either acquired or under contract since launching a pan-European hostel investment strategy last year.
Announcing the deal, Keith Breslauer, managing director of Patron Capital, said: “When we acquired this asset in late 2017, we did so because we recognised the significant opportunity in the property’s location, the strength of CoDE’s unique capsule bed concept, and the growing appetite from both users and investors for hostel accommodation.
“Having previously built and sold the Generator brand, the hostel space is one we know well and to have successfully executed our strategy and exited just over two years after acquisition is a strong endorsement of our team’s expertise in creating high-quality hospitality assets.”
Breslauer said hospitality remains an interesting asset class and Patron Capital continues to see value and opportunities to invest in hotels and hostels in the UK and Europe.
Andrew Landsburgh, founder and CEO of CoDE, said: “Combining our luxury pod concept with Patron’s extensive experience in creating design-led F&B and common areas allowed the partnership to build a highly appealing product focused on the premium segment of youth travel.
“Having successfully delivered and exited the first pod-style hostel in Dublin, we are now focused on taking this concept to a range of locations in both Europe and the US, as well as expanding into co-living.”
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