![\"Quote\"](\"https:\/\/ik.imgkit.net\/3vlqs5axxjf\/HIT\/dist\/images\/icon-quote.svg?tr=w-70%2Ch-45%2Cfo-auto\" "\\"Quote\\"\/"){kind=icon}
<\/p>\nAlessandro
\nColantonio said the owner has always coveted the New York City market, but
\ncould never get the stars to align. Now it has three deals in 16 months. <\/p>\n
MIAMI \u2014 The New York City hotel
\nmarket can be daunting. It fell out of favor during the depths of COVID, but in
\nthe past few years, it has again become one of the hottest markets in the
\ncountry, with ADR, especially for luxury properties, seemingly having no
\nceiling.<\/p>\n
But it never fell out of favor
\nwith Miami-based investor Gencom.<\/p>\n
\u201cIt\u2019s always been a preferred
\nmarket for us\u2026 We have always had it on the radar,\u201d said Gencom Chief Investment Officer Alessandro Colantonio. \u201cIt\u2019s a market we\u2019ve always wanted to be
\nin. It was just never the right confluence of pricing, the right story, the
\nright macroeconomic environment and things just never fell in the right place
\nwith the stars and moon aligning.\u201d<\/p>\n
<\/p>\n
It\u2019s a market we\u2019ve always wanted to be in. It was just never the right confluence of pricing, the right story, the right macroeconomic environment and things just never fell in the right place with the stars and moon aligning.<\/p>\n
Alessandro Colantonio<\/p>\n
The stars and moon finally Colanonio said he thought Gencom \u201cYou have to get the lawyers How the deal came Colantonio said nailing the \u201cWe didn\u2019t have time to hire a \u201cWithin a few days, we had a Ultimately, the lure of the
\naligned for Gencom over the last year and a half as the acquisitive investor
\nacquired the Thompson Central Park in 2024<\/a> and the InterContinental New York
\nTimes Square<\/a> in December 2025.<\/p>\n
\nwould be done in New York for awhile but the universe had other plans in mind
\nas the Ritz-Carlton New York Central Park in Midtown Manhattan became available
\nwhile the company was working on the Intercontinental deal. So,\u00a0Gencom acquired
\nits third New York City property in 16 months<\/a> in a deal that closed in
\ntwo-and-a half months (and through two holidays), which is lightning fast in
\ntoday\u2019s more methodical M&A environment.<\/p>\n
\nmoving and this one even more so, going through the holidays, having our
\nconversations with our equity partners and figuring out who\u2019s going to provide
\nthe financing,\u201d he said. \u201cThe track record that we\u2019ve been able to build now in
\nthis luxury segment has gone a long way when we were reaching out to our
\npartners to say, \u2018We have this deal. It has a short timeline. Here\u2019s the
\nbusiness plan.\u2019 We have a great group of investors who understand the deals.
\nThey understand what we\u2019re doing here. They know the track record. They know
\nthe relationship with Ritz-Carlton. So, that made it a little bit easier.\u201d<\/p>\n
\ntogether<\/p>\n
\nfinance piece with Mexico City-based Banco Inbursa, a frequent collaborator,
\nwas key to getting everything done so quickly.<\/p>\n
\nbroker and run a process like that. We needed to make six, seven or eight calls
\nto relationship lenders and say, \u2018This is what we want to do.\u2019 The feedback was
\ntremendous,\u201d he said.<\/p>\n
\nhandful of quotes to sift through, and one relationship lender in particular,
\nBanco Inbursa, this is our third with them\u2026 We got that figured out very
\nquickly in early December and everybody knew they had to put their foot on the
\ngas.\u201d<\/p>\n
\nhistoric hotel, located across the street from Central Park, was too great,
\nColantonio said.<\/p>\n