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鈥檚 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: 鈥淲hen we acquired this asset in late 2017, we did so because we recognised the significant opportunity in the property鈥檚 location, the strength of CoDE鈥檚 unique capsule bed concept, and the growing appetite from both users and investors for hostel accommodation.
鈥淗aving 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鈥檚 expertise in creating high-quality hospitality assets.鈥�
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: 鈥淐ombining our luxury pod concept with Patron鈥檚 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.
鈥淗aving 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.鈥�
