Ireland: An investment partnership with BlackRock Real Assets and operator Amistat International has acquired the Jacobs Inn hostel from Patron Capital and CoDE Pod Hostels.
Patron teamed up with CoDE in October 2017 to buy the hostel, and transformed it into a 412-pod-style accommodation.
The acquisition of Jacobs Inn marks the fourth hostel either acquired or under contract since BlackRock and Amistat launched its €100 million pan-European hostel investment strategy last year.
Keith Breslauer, managing director of Patron Capital, said: “When we acquired this asset in late 2017, we did so because we recognised the significant opportunity in the property’s location, the strength of CoDE’s unique capsule bed concept, and the growing appetite from both users and investors for hostel accommodation.”
Breslauer continued: “Having 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’s expertise in creating high-quality hospitality assets.”
Andrew Landsburgh, founder and CEO of CoDE, added: “Combining our luxury pod concept with Patron’s 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. Having 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 the industry shifts, we are also looking to expand into co-living,” Landsburgh contitnued. “We think our pod concept goes hand in hand with co-living where young people are looking for an affordable but high quality sleeping arrangement in expensive cities so it’s an exciting time for our brand.”
CoDE were the first to bring the pod concept, which originated in Asia, to the UK and Ireland. While developing the Dublin property, CoDE opened its second Edinburgh location in August 2019.