Gencom buys 758 keys in New Orleans

NEW ORLEANS – Miami-based global investor Gencom has acquired a combined 758 keys in The Ritz-Carlton, New Orleans and the connected Courtyard by Marriott New Orleans French Quarter/Iberville. The priced paid and name of the reported Dallas-based seller was not announced but industry experts suggested that the hotels could have sold for more than $200 million.

The 528-room Ritz-Carlton New Orleans is situated on Canal Street and features over 48,000 square feet of premier event space. The adjacent 230-key Courtyard by Marriott French Quarter/Iberville is located within walking distance of Bourbon Street, the Caesars Superdome, and the New Orleans Ernest N. Morial Convention Center.

The acquisition was financed by Monroe Capital, with Eastdil Secured representing both the seller in the sale and the buyer in the acquisition financing. This transaction also marks Gencom’s 10th Ritz-Carlton branded project, following the recent opening of Nekajui, a Ritz-Carlton Reserve in Costa Rica.

Both hotels have recently undergone transformative multi-year renovations. The Ritz-Carlton New Orleans received a significant refurbishment which enhanced guest rooms and public areas, including a ~$15 million upgrade to its Maison Orleans Club Level. The Courtyard by Marriott French Quarter/Iberville also recently underwent a comprehensive renovation, modernizing all guest accommodations and public spaces.

These acquisitions further reinforce Gencom’s position in the luxury hospitality sector, expanding its footprint in key gateway markets and high-demand leisure destinations worldwide. In September 2024, Gencom completed another major acquisition purchasing the 587-key Thompson Central Park, marking the firm’s entrance into New York City.

Gencom Chief Investment Officer Alessandro Colantonio told Hotel Investment Today through an email, “This acquisition aligns with our strategy of investing in strong urban markets with diverse, multidimensional demand. Like our investments in Chicago and Philadelphia, New Orleans benefits from a mix of smart leisure, university presence, and business travel. Securing high-quality real estate through our established brand relationships makes this a compelling long-term investment for Gencom.” 

Gencom Founder and Principal Karim Alibhai said in a press release, “We continue to build upon our legacy of investing in and enhancing world-class hospitality assets with this significant acquisition that expands our presence in this high-profile destination. New Orleans represents a compelling market for luxury hospitality, and we are excited to bring our expertise to further elevate these properties.”