Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Companies and Sydell Group for $400 million.
Hodges Ward Elliott brokered the sale, which includes four hotel assets in Manhattan, Miami Beach, Downtown Los Angeles and Chicago with 922 rooms in total.
The transaction also includes the acquisition of the Freehand Management company as well as the Broken Shaker food and beverage brand bar that operates at the Freehand hotels.
An HWE team comprised of Mark Elliott, President, Rudy Reudelhuber, Managing Director, and Jay Morrow, Managing Director, brokered the transaction on behalf of the seller.
The trendy Freehand brand hotels combine the social culture of a hostel with award-winning food and beverage, and a community-driven atmosphere.
Generator, a Queensgate-owned company, will manage Freehand Hotels .
Puneet Kanuga, Investment Director at Queensgate Investments said. “The acquisition of Freehand is of strategic importance to Generator, and the combined portfolio represents one of the largest asset-rich lifestyle hospitality platforms globally with 19 hotels in 17 gateway cities.
“There is now a significant push to grow the presence of both Freehand and Generator across the UK and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.”
Queensgate is a partnership between the Kow Family, Alvarium Investments and Peterson Group.