Home›Real Estate›Industry›Gencom pays $320 million for Ritz-Carlton New York, Ce…

Gencom pays $320 million for Ritz-Carlton New York, Central Park

The deal adds to Gencom’s $1 billion in New York City acquisitions over the past two years, as the company targets tight supply and resilient luxury demand.

Reported · Written up by our desk · Industry

Gencom has acquired the Ritz-Carlton New York, Central Park in a transaction valued at $320 million, Commercial Observer reported.

The article says Gencom has built an $8 billion luxury hospitality portfolio, spanning properties from Chicago to Bermuda and Costa Rica.

Commercial Observer also reported that since 2024 the company has purchased additional hotels including the Thompson Central Park and the InterContinental New York Times Square, along with the Ritz-Carlton Key Biscayne in South Florida.

Gencom CEO Karim Alibhai said the acquisitions were driven by market conditions, including low hotel supply in New York City over the past 25 years, and by the leisure resort segment’s strong recovery since the pandemic, with room rates at its properties ranging from $1,500 to almost $2,500 a night.

More like this

Sources