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."