by Donald Wood
Last updated: 10:50 AM ET, Tue October 15, 2019
In a blockbuster move for the hospitality industry, Queensgate Investments announced it had purchased Freehand Hotels for $400 million.
The British private equity firm acquired the Freehand Hotels portfolio from Ron Burkle's Yucaipa Cos. and the Sydell Group. In addition, Queensgate also purchased the Broken Shaker bars that operate within the hotels.
Officials from Queensgate will manage the portfolio of four hotel assets in Manhattan, Miami Beach, Downtown Los Angeles and Chicago through the Generator hostel business it acquired in 2017. In total, the properties boast 922 rooms.
During the announcement of the acquisition, Queensgate investment director Puneet Kanuga revealed plans to expand the brands into Europe, including key destinations such as "London, Edinburgh, Milan, Amsterdam and other gateway European cities."
"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," Kanuga said in a statement.
Hodges Ward Elliott announced they represented the seller in the sale of the Freehand Hotels hospitality brand portfolio.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
