TPG invests in German low budget hotel market - To buy A&O hostels
Berlin, Germany – 17 November 2016
1U.S. financial investor TPG is to acquire 93% of German hostel chain A&O, a web notice of the Federal Antitrust Division revealed. A sum for take-over wasn’t reported. A&O CEO Oliver Winter denied a statement.
A&O Hostels and Hotels is Germany’s leading low budget hotel chain with currently 31 hotels in 19 cities. Annual turnover was in 2015 nearly 97 million Euros with 3.2 million overnight stays. 54 percent of bookings are generated on their own booking engine.
German hotel market still remain interesting for financial investors. Last week, Europe’s leading hotel group Accor acquired a 30-percent-stake in stylish 25hours hotels chain; wir reported.
A&O plans to launch an own academy for hospitality management students in German capital of Berlin.