Gencom
caps an active year with the purchase of The Ritz-Carlton New York Central Park
from Westbrook Partners and Korea Investment Corp.
NEW YORK
CITY — Miami-based Gencom has acquired the 253-key The Ritz-Carlton New York
Central Park in Midtown Manhattan from Westbrook Partners and Korea Investment
Corp for an undisclosed amount.
This is
Gencom’s third luxury hotel acquisition in New York City in the last 16 months,
following its acquisition of the Thompson Central Park in 2024 and the
InterContinental New York Times Square in December 2025.
Alessandro
Colantonio, chief investment officer at Gencom, told Hotel Investment Today
that the acquisition came together quickly following the Intercontinental deal.
“We started
working on the opportunity in late 2025 just as we were wrapping up our
acquisition of the Intercontinental Times Square and we secured the deal just
before the November/December holiday season,” he said. “From there, we were on
a fast track to diligence, capitalization and closing. I’m pleased to say that
from start to finish, navigating the holidays and year-end slowdown, it was
about a 2.5-month process.”
Our strategy in New York City is one of a long-term, sustained view of the market and its ability to stay at the forefront of tourism and travel trends.
Alessandro Colantonio
New York
City is an appealing market for Gencom for multiple reasons, Colantonio said.
“We continue
to see an upward trajectory in demand, visitation and the ability to drive
average rate. Now having meaningful scale in the market with approximately
1,500 owned keys, we can track a lot of travel patterns and data across the
sector.”
The New York
City market is a great long-term play for Gencom, Colantonio said.
“New York
City has and always will be positioned as a world-class international market
which is driven by a healthy mix of corporate, group and leisure demand,” he
said. “Our strategy in New York City is one of a long-term, sustained view of
the market and its ability to stay at the forefront of tourism and travel
trends. While there will always be challenges to face — whether political,
macroeconomic or other — over the past several years, we have focused on
opportunities in the market where we can acquire prime hospitality assets,
focusing on quality of product, mix of demand and A-plus locations coupled with
a good basis and sound business plan.”
This is
Gencom’s 11th Ritz-Carlton-branded project. The Ritz-Carlton New York, Central
Park joins Gencom’s growing hospitality portfolio, which includes brands such
as the Four Seasons Hotels and Resorts, St. Regis, Rosewood, Thompson Hotels,
InterContinental Hotels, Andaz, Fairmont, and Auberge Resorts.
The
acquisition was financed by Mexico City-based Banco Inbursa.
Gencom has
had an incredibly 12 months, including the company reacquiring the 115-key
Ritz-Carlton Coconut Grove in Miami from Hersha Hospitality Trust for an
undisclosed price in late December 2025.
Last May, a
partnership led by Gencom closed on a $300 million debt facility to refinance
existing debt and fund a large-scale renovation currently underway at The
Ritz-Carlton Key Biscayne, Miami.
In March,
Gencom acquired a combined 758 keys in The Ritz-Carlton, New Orleans and the
connected Courtyard by Marriott New Orleans French Quarter/Iberville. The price
paid and name of the reported Dallas-based seller were not announced, but
industry experts suggested that the hotels could have sold for more than $200
million.