NEW YORK CITY-The Sydell Group has closed onthe acquisition of a large land parcel in Williamsburg that ithopes 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 YorkPost. The Sydell Group, run by CEO Andrew Zobler, has formed ajoint venture with the Yucaipa Companies todevelop Freehand hotels that are geared to combining the socialculture of a hostel with services and amenities offered at aconventional hotel. According to the company website, the jointventure partners are looking to develop 10 Freehand hotels andcurrently operates the Freehand Miami.

In late December, Sydell paid the RosenwachGroup, a family-owned wood water-tank company, $10 millionfor the three parcels along Wythe Avenue between N. 9th and 10thstreets. See story in the New York Post.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.