Gencom, the Miami-based investment firm, has marked its entry into New York City with the acquisition of the Thompson Central Park. The 587-key luxury-lifestyle hotel is located in Manhattan’s Billionaires’ Row.
While Gencom did not disclose details regarding the seller and acquisition price, a news report claimed Gencom purchased the hotel for $380 million, which includes a $230 million acquisition loan. In a statement, Gencom said the acquisition financing was provided by affiliates of Ramsfield Hospitality Finance, Affinius Capital and AB CarVal.
The hotel will continue to operate under Hyatt as a Thompson Hotels-branded property, the report added.
Sitting south of NYC’s Central Park, the 42-story hotel underwent a renovation, which led to its rebranding and reopening in 2021. The hotel offers multiple dining venues, 4,500 square feet of meeting space and a spa. The hotel is scheduled to open a fitness center later this year.
The hotel is also home to the iconic Burger Joint, one of the most popular eateries in NYC; Parker’s, the restaurant located in the hotel’s main level; and Indian Accent, the upscale dining concept by Chef Manish Mehrotra.
The acquisition helps Gencom diversify its luxury portfolio and marks the addition of its first Thompson Hotels-branded hotel to its portfolio, which includes brands such as The Ritz-Carlton, Four Seasons Hotels and Resorts, St. Regis, Rosewood, Andaz, Fairmont and Auberge Resorts.
“Recognizing the strength of the U.S. hospitality market, particularly in cities with high barriers to entry like New York, this transaction represents a key addition to our hospitality portfolio in North America that includes iconic hotel properties in major markets such as Miami, Chicago, Denver and Philadelphia,” said Karim Alibhai, founder and principal of Gencom.
Gencom and Hyatt have previously partnered on the redevelopment of downtown Miami’s Hyatt Regency Miami hotel and the acquisition and renovation of Andaz Costa Rica Resort at Peninsula Papagayo.
“We are excited to deepen our relationship with Gencom and continue collaborating in even more meaningful ways across its diverse portfolio of Hyatt hotels,” said Pete Sears, group president, Americas, Hyatt. “We look forward to Thompson Central Park’s further success with Gencom’s strategic investment and vision, paired with Hyatt’s innovative approach to lifestyle hotel management.”
Eastdil Secured represented the seller in the property’s sale and also represented Gencom in arranging the acquisition financing.
Founded more than 40 years ago, Gencom has grown its portfolio to include around $8 billion in assets under management, which includes 23 owned assets in operation or under development with more than 7,000 hotel rooms globally. The firm also has 240 properties spanning over 40 locations, totaling 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, and more than 2 million square feet through affiliate, Convene, a hospitality company that designs, builds and manages premium meeting, event and flexible office spaces.
