The Jacobs Inn hostel of Dublin's Talbot Street has been sold to a pan-European investment partnership involving BlackRock Real Assets and specialist hostel operator Amistat Continental for approximately €30 million.
The 412-bed venue was previously purchased by Patron Capital and joint-venture partner CoDE Pod Hostels in late 2017.
"Significant Opportunity"
The Irish Times quotes Patron Capital managing director Keith Breslauer as saying, "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. 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."
Focussed On Europe, The US And Expansion Into Co-Living
Meanwhile, CoDE founder and chief executive Andrew Landsburgh commented, "Having successfully delivered and exited the first pod-style hostel in Dublin, we are now focussed on taking this concept to a range of locations in both the Europe and the US, as well as expanding into co-living."
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
