Pan-European institutional investor Patron Capital has acquired the Jacobs Inn in Dublin for a reported €14.5 mln from Tetrach Hospitality, with a plan to transform it into a new pod-style hostel.
Working in collaboration with Code Pod Hostel, which launched its pod concept in Edinburgh three years ago, Patron will refit the property to provide low-cost overnight stays under the Code Pod brand.
'With its pod beds concept offering more privacy and a better night’s sleep, Code Pod Hostel is a very exciting concept. Having backed and expanded design-led hostel brand Generator, which we exited successfully earlier this year, and a number of other hospitality concepts, we know this market well and look forward to working with the team at Code to reposition this Dublin property,' commented Camil Yazbeck, partner & investment director of Hospitality at Patron Capital.
'Our partnership with Patron Capital on this new location is part of an exciting wider expansion plan for Code Pod Hostel,' said Andrew Landsburgh, founder of Code Pod Hostel.
'As we look to continue our rapid growth we are actively seeking potential development locations with a total floor space of 2,000 to 6,000 m2 in London and other key gateway cities which are close to transport links or major tourist sites. We are also looking to acquire existing hostel and hotel buildings that would suit refurbishment to our unique pod-style accommodation.'
Pod-style hostels first emerged in some of Asia’s largest cities to provide budget accommodation in high-density urban areas.
Code Pod Hostel’s first location in Edinburgh currently ranks as the highest rated choice for hostel accommodation in Edinburgh on TripAdvisor, Booking.com and Agoda, and won Best Hostel at the Rough Guides Readers’ Awards 2015.
