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Queensgate Investments has acquired Freehand Hotels for around $400 million (£315 million) from a seller consortium including The Yucaipa Companies and Sydell Group.
US lifestyle brand Freehand Hotels currently owns and operates properties in Manhattan, Miami Beach and Chicago, and Queensgate has confirmed plans to establish a presence in the UK. Queensgate-owned company Generator will manage the hotels.
According to investment director at Queensgate Investments, Puneet Kanuga, “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. There is now a significant push to grow the presence of both Freehand and Generator across the UK and Europe, with opportunities currently being evaluated in London, Edinburgh, Milan, Amsterdam and other gateway European cities.”
Omar El-Masri, vice president at Queensgate Investments, added: ”The deal fits well with our strategy of expanding the Generator portfolio through the acquisition of high-quality assets and consolidating a highly fragmented market.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.