Photo Credit: InterContinental New York Times Square
MIAMI, Florida—A partnership between Gencom, Argent Ventures, and Highgate announced the acquisition of The InterContinental New York Times Square, a 607-key luxury hotel situated in Midtown Manhattan.
The property will transition from IHG management to an IHG franchise, with Highgate assuming management. The hotel will also undergo an extensive renovation of guestrooms, public spaces, and dining venues.
“As Gencom’s second hotel acquisition in New York City in the past 18 months, this transaction underscores our confidence in the long-term strength and global appeal of this destination,” said Karim Alibhai, founder and principal of Gencom. “We look forward to leveraging Gencom’s expertise to elevate the property’s experience further, blending luxury with the energy and sophistication of Manhattan.”
Argent Ventures’ recent acquisition and conversion of the Crowne Plaza Times Square into the Hyatt Regency Times Square, which is also operated by Highgate, highlights the firm’s continued investment in the city’s hospitality landscape.
Highgate will assume operational leadership of the property. This acquisition follows Highgate’s recent investment in the 1,331-room Row NYC.
“Highgate is thrilled to complete another significant investment in New York, and to partner with Gencom and Argent Ventures,” said Zach Berger, principal. “Highgate has invested in New York across multiple cycles and multiple asset classes, and remains committed to fielding a best-in-class operating team in the market and delivering exceptional experiences for our guests and leading results for our partners. We are also excited to continue expanding our activities with IHG, and to lead this new chapter for the InterContinental New York Times Square.”
Transaction Details
The acquisition financing for the transaction was provided by Monroe Capital.
“Monroe is excited to partner on another deal with Gencom, one of the premier high-end hospitality sponsors globally. In addition, Monroe is pleased to complete a transaction with two additional blue-chip sponsors, Argent and Highgate,” said Kyle Asher, managing director and co-head alternative credit solutions of Monroe Capital.
Eastdil Secured represented the seller on the sale as well as the buyer in securing financing. The seller was a joint venture between Tishman and MetLife Investment Management.