Queensgate Investments acquires U.S. Freehand Hotels for $400m
London-based Queensgate Investments has acquired Freehand Hotels from a seller consortium including The Yucaipa Cos. and Sydell Group for $400 million.
Freehand Hotels is a U.S. lifestyle hotels brand, owner and operator of hotel assets with circa 1,000 keys across four hotels, and 92 rooms, in Manhattan, Miami Beach, Downtown Los Angeles and Chicago.
Generator, a Queensgate-owned company, will manage Freehand Hotels and retain the distinct identity of the Freehand and Generator brands. Queensgate Investments acquired Generator in 2017.
“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,” said Puneet Kanuga, investment director, Queensgate Investments. “There is now a significant push to grow the presence of both Freehand and Generator across the United Kingdom, and Europe, with opportunities cu