NEW YORK CITY-The Sydell Group has closed on the acquisition of a large land parcel in Williamsburg that it hopes will be the site for a future Freehand hotel.
The Williamsburg parcel is two blocks from the Brooklyn Bowl, which is adjacent to the Wythe Hotel, according to the New York Post. The Sydell Group, run by CEO Andrew Zobler, has formed a joint venture with the Yucaipa Companies to develop Freehand hotels that are geared to combining the social culture of a hostel with services and amenities offered at a conventional hotel. According to the company website, the joint venture partners are looking to develop 10 Freehand hotels and currently operates the Freehand Miami.
In late December, Sydell paid the Rosenwach Group, a family-owned wood water-tank company, $10 million for the three parcels along Wythe Avenue between N. 9th and 10th streets. See story in the New York Post.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
