Generator, a lifestyle and design-driven hostel chain based in Europe, is opening August 15 in Miami Beach with rooms as low as $20 for a bed in a shared room or $95 for a private room with private bathroom — and it has all the bells and whistles of a luxury boutique hotel.

Patron Capital and Invesco Real Estate are selling Generator Hostels to private equity firm Queensgate Investments for €450 million (US$480 million), several media outlets are reporting.