Trailblazing Sister Hospitality Brands Deliver Best-Ever Financials to Close Out 2023, and Commence 2024 with a Strong Forecast and First Third-Party Management with Paramount Hotel in New York City
UNITED KINGDOM – Generator and Freehand Hotels, leading boutique and lifestyle hospitality brands, announce financial results for 2023, which surpass all previous years, with a 28% increase in EBITDA from 2022 driven by a 15% increase in revenues. Celebrating their best yearly results to date, both Generator and Freehand exceeded pre- and post-pandemic annual performances. The results were bolstered by a strong final quarter, which saw a 9% increase in EBITDA compared to the same period in 2022.
Generator and Freehand Hotels credit their success to their innovative operating model, which provides hybrid accommodations that consist of shared bunk rooms, private rooms, and suites, alongside flexible social spaces, incredible arts, music and cultural programming, and award-winning F&B venues. This success has also enabled Generator to expand its portfolio this year with its first third-party management agreements for Berlin Alexanderplatz in Germany and The Paramount Hotel in New York, slated to open in May 2024.
“We have emerged from a turbulent time in the hospitality industry stronger than ever, and our financial results demonstrate our operating model’s durability, success, and appeal,” said Alastair Thomann, Chief Executive Officer, Generator and Freehand Hotels. “Our guest mix is continuously evolving, transcending traditional expectations, with our key demographic now also including families and generally those that seek new ways to travel to the most exciting cities in the U.S. and Europe.”
To date this year, both brands have already experienced a 55% increase in business on the books across the portfolio and, as a result, have identified several emerging trends for the year, including 48-hour weekend getaways, gig-tripping, sports-led tourism and coolcationing – traveling to destinations with cooler or temperate climates. Additional supporting statistics surrounding Generator’s and Freehand Hotels’ important impact on today’s travel industry include:
- Increased bookings on the books across several Generator and Freehand Hotels locations during concerts, festivals, and music events this year, specifically with:
– Generator Miami and Freehand Miami up by 700% during Taylor Swift’s coveted 2024 Eras Tour and up by 30% during Miami Music Week
– Freehand Los Angeles up by 15% during Coachella.
– Generator Barcelona up by 30% during Sónar festival
– Generator Stockholm and Dublin forecasting a 50% year-on-year increase in revenues during Taylor Swift’s coveted 2024 Eras Tour. - Increases in London, Paris, and Rome during the Six Nations Championship, and unsurprisingly, ahead of this summer’s Olympic Games in the French capital, Generator Paris has seen a 400% increase in reservations on the books during the games, while its German properties have all seen a 10% increase in business on the books during UEFA EURO 2024.
- Freehand New York has also experienced a 400% increase in business on the books in conjunction with the TCS New York City Marathon and a 10% increase in business on the books during the US Open Tennis Championships.
- The brand’s fastest-growing 2024 city-break destinations include New York, Amsterdam, Copenhagen, Madrid and Stockholm seeing an increase in business on the books by over 60% compared to 2023 as travelers book coolcations.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
