October 15, 2019
Hodges Ward Elliott (HWE) represented the seller in the sale of the Freehand Hotels hospitality brand portfolio, comprising four properties in Manhattan, Miami Beach, Downtown Los Angeles and Chicago.
Separately, London-based Queensgate Investments said it acquired the 922-key portfolio for approximately $400 million from a seller consortium including The Yucaipa Companies and Sydell Group.
The acquisition also includes the Freehand Management company, along with the Broken Shaker food and beverage brand bar that operates at the Freehand hotels.
An HWE team of Mark Elliott, Rudy Reudelhuber and Jay Morrow brokered the transaction on the seller’s behalf.
Generator, a Queensgate-owned company, will manage Freehand Hotels and retain the distinct identity of the Freehand and Generator brands. Queensgate’s Punett Kanuga said, “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.”
Pictured: The Freehand Hotel New York.
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