Hi Mala, there is an Isolate function available by right clicking on the Edit > Hide button in the side pane that will do that.

Isolate will keep just the selected objects visible and hide all unselected objects.

It maintains a memory of what the object visibility was before the isolate and when you run Isolate a second time, everything will be restored to its pre-Isolate state.

If you wish to set it up on a keyboard shortcut put this in for the Command part of the shortcut key:

script: moi.geometryDatabase.isolate();

- Michael