Room00 Group Acquires TOC Hostels for €20 Million, Becoming Europe's Largest Hostel Chain
Photo Credit: Room00
MADRID, September 3, 2024 (VSNewsNetwork.com) – Room00 Group has acquired 100% of TOC Hostels from owners Ignacio Catalán and Salvador Torrens for approximately €20 million. This acquisition makes Room00 Group the largest hostel chain in Europe, with plans to close the year with 30 open establishments across Spain, Portugal, and Italy.
With the completion of this deal, Room00 Group will add 2,260 rooms, including 900 still under construction, to its portfolio of hostels and boutique hotels. The company expects a turnover of at least €70 million within the first year following the acquisition.
The addition of TOC Hostels expands Room00 Group’s portfolio, which now includes four brands: Room00 Hostel, Room Select Hotels, LETOH LETOH, and TOC Hostels. The company is also increasing its geographical presence in cities such as Madrid, Barcelona, Seville, Malaga, Granada, and Valencia.
Ignacio Requena, CEO and founder of Room00 Group, said, "The acquisition strengthens the position of Hostels & Hotels as a leader in the sector, increasing its visibility, recognition, and market share." He added, "The combination of both companies will generate operational efficiencies, cost reduction, and improved services."
The transaction was advised by CBRE’s Investment Banking division, with legal support from Busquets Abogados and Net Craman representing the buyers and sellers.
For more details, visit room00hostel.com.
Source: Room00 via Newswire
