By: City AM
New top execs have been named at Generator Hostels after its former boss and finance exec were reportedly dismissed by the firm’s real estate private equity owner, Queensgate Investments.
Queensgate today completed the acquisition of the posh, millennial-focused hostel owner and operator from Patrol Capital for a total of €450m (£380.6m), and it immediately announced the unexpected appointment of Alastair Thomann as chief executive and André Guettoche as chief operating officer.
The two new faces will both join the group from Penta Hotels, but a starting date was not given. Queensgate said an interim board has been appointed in the meantime.
Queensgate asked Fredrik Korallus, former chief executive since 2015, and Paul Harries, former finance chief since 2014, to leave Generator as soon as the deal was completed, the Sunday Times today reported.
The real estate firm also reiterated plans to invest €300m into expanding the hostel chain’s portfolio with additional freehold assets largely focused in the US.
Generator owns 14 predominantly freehold assets with 8,639 beds across London, Paris, Copenhagen and other major cities. Currently, it generates revenues of €70m.