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Generator Berlin Alexanderplatz , owned by Schroders Capital , opened in June .
In 2017 , Patron sold Generator to Queensgate for € 450 million and has since expanded the brand outside the U . S ., in markets like Miami and D . C . It is now on the cusp of opening its first property in New York , taking over management
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of the iconic Paramount Hotel Times Square . That hotel , in conjunction with Aby Rosen ’ s RFR , which acquired the property in 2011 , is slated to debut under the Generator banner in September as one of two third-party |
management contracts — the other is Generator Berlin Alexanderplatz , which opened in June .
Today , there are 16 Generators in operation — with Paramount Hotel by Generator to come . They are not the only
The rooftop pool at Freehand Los Angeles .
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properties under Generator ’ s hand . In 2019 , Queensgate acquired Freehand Hotels for a reported $ 400 million . It , and its four hotels , all in the U . S ., in New York , Miami , Los Angeles and Chicago , sit a slot above Generator on the chain scale .
One of the worse-kept or notkept secrets is that Generator is for sale , or is open to being acquired . A Queensgate exit was initially sought back in 2020 , but the pandemic ended that . In 2022 , a sale valued at as much as $ 1.2 billion resurfaced , with Queensgate calling for bids and private equity firms , from KKR to TPG , mentioned as potential suitors . Thomann doesn ’ t dispel it not happening imminently or farther out , but Queensgate might be slow playing it on the back of record asset performance , which is why it went ahead and refinanced 13 properties toward the end of 2023 for a reported $ 802 million . “ The numbers are just going like this ,” Thomann said as he mimicked an airplane going upward with his right hand .
Last year was a banner year for the combined Generator and Freehand with a 28 % year-over-year increase in EBITDA from 2022 , driven by a 15 % increase in revenues . Both brands benefitted and should benefit further from the Taylor Swift bounce . Generator Miami and Freehand Miami bookings are expected to climb some 700 % when Taylor Swift ’ s 2024 Eras Tour rocks Hard Rock Stadium October 18 – 20 . Bookings were already up by
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70 hotelsmag . com July / August 2024 |