EU/US: Lodge and hostel operator Generator has accomplished a €750 million refinancing of debt with new and current buyers throughout Europe and america.
Owned by Queensgate Investments, Generator’s portfolio contains 21 lodges and hostels providing greater than 12,000 beds throughout its two manufacturers: Generator and Freehand.
The newest refinancing featured a mix of European and US debt services. For Generator’s European arm, Ares Administration backed €440 million (in Euros, Kilos and Danish Krone) whereas current US lenders Waterfall Asset Administration and Värde Companion backed US $330 million.
Final month in October, Generator reported document revenues of €225 million – up from €180 million pre-pandemic. Jason Kow, chief government of Queensgate, mentioned Generator’s efficiency because the pandemic had enabled it to refinance in a difficult market.
Kow mentioned: “We’re holding the property as a result of they’re persevering with to ship considerably for us, each by way of earnings and capital values.
“This is without doubt one of the largest and most progressive actual property financings that the market has seen in years, involving a number of outgoing lenders throughout 10 nations. We’re vastly grateful for our new partnership with Ares in Europe and our strengthened current partnership with Värde and Waterfall within the US,” he added.
Queensgate purchased the Generator portfolio, then consisting of 12 properties, in 2017 from Patron Capital for €450 million.
Generator at the moment has presence in 12 European cities and 5 cities within the US. Based on its web site, Generator will quickly launch within the Center East and Asia-Pacific areas.
