TPG Real Estate, the real estate platform of global private investment firm TPG, announced that it has completed the purchase of A&O Hotels and Hostels, the largest fully integrated, privately-owned, hostel platform in Europe. The transaction will help A&O expand and enhance its operations.
Under the agreed terms, TPG Real Estate will acquire 31 leased and owned assets, with more than 20,000 beds located primarily in Germany, but also in the Czech Republic, Denmark, the Netherlands, Italy and Austria. Key members of A&O’s management team, including CEO Oliver Winter, will continue to lead the company after the transaction.
TPG Real Estate is the dedicated real estate platform of TPG, a global private investment firm that manages more than $74 billion in assets across a wide range of asset classes. The TPG Real Estate platform includes both TPG Real Estate Partners, its equity investment platform, and TPG Real Estate Finance Trust, its debt origination platform. Together, the platforms manage more than $7 billion in assets.
Financial terms of the transaction were not disclosed.