Orrick has advised Aaron Hotels and Hostels Holding AG on the sale of a 2000-bed hostel complex in Venice to A&O Hotels and Hostels.
In a first step, the existing hostel with 1000 beds has been sold. Additionally, the sale of a different building, which is currently still under construction, has been prepared. The two buildings will merge into one hostel complex, which will be the first-of-its-kind in the Italian hotel and hostel market.
This transaction follows the sale of Aaron’s and ÖMA’s shares in A&O Hotels and Hostels to TPG with ÖMA reinvesting. In addition to the hostel complex, various other projects have been planned, in which Aaron is going to enhance the international expansion of the A&O group with several new hostels.
Aaron has been advised by an international Orrick team led by Düsseldorf M&A and private equity partner Oliver Duys, who also counseled Aaron on the sale of A&O to TPG. The team also included Stefan Schultes-Schnitzlein, Julia Schmitz, Markus Piontek, Emanuela Molinaro, Christian Turotti, Alessandro Mainardi and Giovanni Leoni.