CoDE Pod Hostels and Patron Capital have sold Jacobs Inn Hostel in Dublin to a fund managed by asset management giant, BlackRock.
Since acquiring the centrally located 412-bed hostel back in October 2017, CoDE and Patron have upgraded the property into state-of-the-art accommodation.
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.
“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.”
Breslauer said hospitality remains an interesting asset class and Patron Capital continues to see value and opportunities to invest in hotels and hostels in the UK and Europe.
Andrew Landsburgh, founder and CEO of CoDE, said, “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.”
He continued, “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. We are looking to buy or work with existing hostels that would suit our concept and turn them into a CoDE property.
“At CoDE, we are passionate about providing expertly designed, safe and comfortable accommodation to budget-conscious travellers. Our pod beds give guests the perfect combination of a quality night’s sleep and their own privacy at an affordable price.'
Landsburgh concluded, “As the industry shifts, we are also looking to expand into co-living. 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.”