Freehand Hotels acquired by Generator Hostels owner
Freehand Los Angeles
Queensgate Investments, owner of UK-based Generator Hostels, has inked a $400 million deal to acquire the four-hotel portfolio of Freehand Hotels.
The fully-owned hotel assets add more than 900 rooms in Manhattan, Miami Beach, Los Angeles and Chicago.
Queensgate also purchased the interests of Broken Shaker bars which operate out of the four hotels.
Queensgate bought the Generator Hostels business two years ago and with the Freehand acquisition now has 19 hotels.
"The acquisition of Freehand is of strategic importance to Generator," said Queensgate director Puneet Kanuga.
Queensgate says it plans further openings in European gateway cities like London, Milan and Amsterdam.
The Freehand hotels offer a hybrid mix of private and shared rooms with hostel-style social spaces.
Last year Queensgate purchased the Courtyard by Marriott Washington, D.C for more than $50 million and plans to rebrand it to a Generator property.
Generator also launched its first US hotel in Miami in 2018.
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