Gencom comes for NYC's luxury hotel crown

"The Miami-based investor paid about $320 million for the 253-key Ritz-Carlton Central Park South at 50 Central Park South, adding a third Manhattan hotel to a rapidly expanding local portfolio. Property records show a $270 million transfer price, though that figure excludes fixtures and other non-real estate assets. Banco Inbursa provided a $235 million acquisition loan, assuming and upsizing debt originally issued by KeyBank."

"The deal pushes Gencom deeper into New York at a moment when other markets remain choppy and financing is still selective. In 2024, the firm acquired the Thompson Central Park, followed by the InterContinental New York Times Square this past year. The Ritz-Carlton Central Park South deal gives Gencom a trio of high-profile, brand-name assets in core Manhattan locations Central Park South and Times Square effectively doubling down on the city's top leisure and corporate corridors."

Gencom purchased the 253-key Ritz-Carlton Central Park South for about $320 million, adding a third Manhattan hotel to its portfolio. Property records list a $270 million transfer price that excludes fixtures and non-real-estate assets. Banco Inbursa provided a $235 million acquisition loan, assuming and upsizing debt originally issued by KeyBank. Westbrook Partners had held a stake since 2012 after buying an interest from Millennium Partners for $105 million. Gencom previously acquired the Thompson Central Park and the InterContinental New York Times Square. The firm focuses on irreplaceable Manhattan locations with strong rate power, amid constrained supply and resilient high-end room rates, valuing the Ritz-Carlton at roughly $1.26 million per key.

Read at therealdeal.com