UK's Queensgate Investments acquires Freehand Hotels in U.S. for $400 mln

London-based private equity firm Queensgate Investments has acquired Freehand Hotels, a collection of four lifestyle hotels in the U.S., for $400 million in cash.

Queensgate Investments bought the assets, totalling 918 keys across Manhattan, Miami Beach, Florida, Los Angeles and Chicago, from a joint venture between The Yucaipa Cos. and hotel developer Sydell Group.

The acquired properties include Freehand Chicago at 19 E. Ohio St., Freehand Los Angeles at 416 W. 8th, Freehand Miami at 2727 Indian Creek Drive, Miami Beach, and Freehand New York at 23 Lexington Ave.

Additionally, Generator, a boutique hostel chain operator, which was purchased by Queensgate in 2017, will manage Freehand Hotels while preserving the brand’s distinct identity.