Freehand Hotels has been bought by London-based investment firm Queensgate Investments for a fee of $400m.
Freehand Hotels is a micro-hotel brand consisting of four locations in New York, Chicago, Miami and Los Angeles.
As part of the acquisition, Queensgate Investments has also purchased the hotel chains operator, food and drink brand, Broken Shaker.
The news comes following Queensgate Investments acquisition of Generator, an accommodation portfolio with properties across Europe, Miami and Washington DC.
Generator will manage Freehand Hotels, as part of the new deal.
The move was brokered alongside Brown Rudnick who advised Queensgate Investments.
Tom Phillips, Brown Rudnick’s lead partner on the deal, said: “The closing of the Freehand Hotels acquisition on the heels of the Generator deal propels this group to compete as one of the largest lifestyle hospitality platforms in the world.
“As we continue to see disruption in the hospitality sector catering to new generations, this strategic transaction is a further example of where the industry is headed.”