Acquisitive Gencom adds Ritz-Carlton in NYC

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

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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 busy 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.