Patron Capital, the pan-European institutional investor focused on property-backed investments, has acquired the Jacobs Inn in Dublin, which it will transform into a new pod-style hostel, branded and managed by CODE Pod Hostel.
CODE Pod Hostel launched its concept three years ago with its first location in Edinburgh New Town. It aims to offer affordable accommodation for design-conscious travellers who value a comfortable and private night’s sleep but want to spend their money enjoying the city rather than paying for a hotel room.
Camil Yazbeck, Partner & Investment Director of Hospitality at Patron Capital, said: “With its pod beds concept offering more privacy and a better night’s sleep, CODE Pod Hostel is a very exciting concept. Having backed and expanded design-led hostel brand Generator, which we exited successfully earlier this year, and a number of other hospitality concepts, we know this market well and look forward to working with the team at CODE to reposition this Dublin property.”
Andrew Landsburgh, the founder of CODE Pod Hostel, said:“Our partnership with Patron Capital on this new location is part of an exciting wider expansion plan for CODE Pod Hostel, which offers expertly designed, safe and comfortable pod accommodation to budget-conscious travellers. As we look to continue our rapid growth we are actively seeking potential development locations with a total floor space of 2,000 to 6,000 m² in London and other key gateway cities which are close to transport links or major tourist sites. We are also looking to acquire existing hostel and hotel buildings that would suit refurbishment to our unique pod-style accommodation.”
The purchase price for Jacobs Inn was not disclosed.