Subscribe
Login
Hotels

Generator Hostels CEO Departs and Officials are Mum on a New One

Deanna Ting

Photo Credit: Former Generator Hostel CEO Fredrik Korallus (right) was interviewed at the Skift Global Forum in New York City in September 2016. Korallus resigned from the company following its acquisition by Queensgate Investments.  Skift / Skift

Skift Take

Yes, top leadership changes often take place after an acquisition. But the number of "no comments" we've received, and the quickness of it all, makes us think there's something much more complicated happening here.

London-based Queensgate Investments closed on its $480 million (€450 million) acquisition of Generator Hostels from Patron Capital on May 5, and shortly thereafter Generator CEO Fredrik Korallus resigned, Skift has learned. Korallus, who'd been CEO for two years, confirmed his departure from the company. "As a consequence of the transaction, I have stepped down," Korallus told Skift May 11. "The big thing for me was to help Patron divest of Generator, which we achieved. It was an astronomical price of €450 million that was achieved." He continued, "It's been very amicable. This has all been part of the process. What Queensgate will now do regarding leadership, I

Hotel coverage is exclusive for Skift Pro subscribers.

Subscribe for full access to all Skift coverage for as low as $55 a month.
See the latest hotel headlines.

Apple Pay, Google Pay, Paypal, VISA, Mastercard, Discover, American Express

Already a subscriber? Login