In a surprise move, Queensgate Investments announced it has appointed Alastair Thomann as chief executive of the Generator hostel chain and André Guettouche as chief operating officer. Both men were previously at Pentahotels.

The real estate-focused firm, which bought Generator from Patron Capital, asked Fredrik Korallus, chief executive since 2015, and Paul Harries, finance chief since 2014, to leave Generator as soon as the €450m acquisition deal was completed, according to the Sunday Times.

Queensgate also announced plans to invest €300 million in expanding Generator through the acquisition of freehold properties, mainly in the US. It currently has 14 hostels, including two still under devewlopment, in cities including London, Paris, Copenhagen, Amsterdam, Dublin and Miami.

Brookfield Asset Management and TPG are believed to have been the underbidders in the auction.

Source: The Times, May 2017