Freehand Hotels sold for $400M

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The Exchange, the Freehand Los Angeles' restaurant.
The Exchange, the Freehand Los Angeles' restaurant.

Queensgate Investments, owner of U.K.-based Generator Hostels, has acquired the Freehand Hotels brand from Sydell Group and the Yucaipa Cos. for $400 million.

Generator will take over management of Freehand's four hotels in New York, Miami, Los Angeles and Chicago. The hotels will retain their current branding, and Generator said it "has no plans to make any immediate changes to Freehand's operations."

The acquisition includes Freehand Hotels' Broken Shaker cocktail bar concept.

Generator has 14 properties worldwide and opened its first U.S. outpost in Miami Beach in late 2018 and plans to debut a Washington, D.C. location next year.

Launched in 2012, Freehand Hotels aims to "combine the social culture of a hostel with private rooms and suites."

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