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The brand leading the hip hostel market, Generator Hostels, today announced the acquisition of €60 million, approximately $75 million, of growth capital investment.

Generator’s owner Patron Capital Partners sold an estimated 23-percent minority stake of the company to global real estate firm Invesco in exchange for the capital.

The cash infusion will be used to further fuel Generator’s global growth. Generator currently has properties across six European cities with three new spaces slated to open in 2015.

Director of hospitality and leisure at Patron Capital Partners, Josh Wyatt, told Skift last year that the firm has “great ambitions in the U.S.” and was, at the time, in negotiations in New York while also looking at Washington, D.C., Miami, LA, and Boston.

Generator built its reputation as a design-aware and budget-friendly by offering an upgraded hostel experience that pairs locally inspired design and style with large common areas, free Wi-Fi, and a range of shared and privates bedrooms.

Generator’s chief designer Anwar Makehayech explained earlier this year that the diverse design of each location is inspired by local culture and brought to life through collaborations with local artists and suppliers.

“Generator continues to set the pace for the hostel asset class,” Generator’s executive chairman Carl Michel said in a statement.

Photo Credit: All of Generator’s hostels are housed inside unique properties from old grain warehouses to 1960’s style office buildings. Generator Hostels