Germany: Lifestyle hybrid accomodation brand Generator has signed a third-party management agreement for Schroders Capital’s ONE80º Hostel at Alexanderplatz in Berlin.
The signing marks the third Generator property in Berlin and 17th in Europe and North America.
Refurbishment plans are underway which will include a transformation of 11 private and 121 shared rooms and repurposing the basement space into a social hub. It is expected to be completed in Q2 2023.
Alastair Thomann, Generator CEO, said: “This is an exciting move for us to take on the first management contract in Europe, it’s a new phase of growth for the Generator brand. We are really excited to be partnering with the real estate hotels team at Schroders Capital on this amazing property in the heart of Berlin.”
Schroders Capital acquired the hostel, formed of three properties totalling 527 rooms, in September 2021.
Michael Cevasco, investment manager at Schroders Capital, the hotel owner, said: “We are excited to partner with Generator to see the creation of Generator Berlin Alexanderplatz. The brand’s extraordinary business records and its reputation for leading the shared accommodation space align well with our overall goal of creating best-in-class destinations around Europe.
“We look forward to working with Generator on this project in Berlin, which we consider to be one of the strongest markets in Europe,” Cevasco added.
The news follows Generator’s signing of The Paramount Hotel in New York City, which the company won the management contract for in September 2022.