Gencom enters NYC with Thompson buy

NEW YORK CITY – Luxury owner-operator Gencom, Miami, has its first hotel in New York City after acquiring the 587-key Thompson Central Park Hotel. The price paid and name of the seller is not yet available.

Financing for the acquisition was secured through affiliates of Ramsfield Hospitality Finance, Affinius Capital and AB CarVal.

Investment bank Eastdil Secured represented the seller as well as Gencom in arranging the acquisition financing.

The hotel is currently operated by Hyatt and will continue under its branding. Gencom and Hyatt share a strong partnership, also collaborating on the planned redevelopment of Downtown Miami's Hyatt Regency and the acquisition and renovation of the Andaz Costa Rica Resort at Peninsula Papagayo.

“As Gencom continues to acquire trophy hotel assets in core U.S. markets, we were able to secure the acquisition of Thompson Central Park, marking our entrance into one of the world’s top hospitality markets and a great addition to our portfolio of prized hotel and resort properties,” said Gencom’s Chief Investment Officer Alessandro Colantonio. “We recognize the long-term value of this investment given the property’s central location and recent extensive renovation that further elevated its guestrooms, luxe amenities and modernized meeting spaces to position this asset as a premier leader in New York City’s luxury lodging market.”

Gencom Founder and Principal Karim Alibhai, added, “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.”

“The sale of Thompson Central Park underscores the growing investor conviction in the New York City lodging market,” said Jeffrey Davis, Managing Director of Eastdil Secured. “The strong fundamentals and growth momentum have now become common knowledge, and we expect to see heightened transaction volume as a result.”

Situated on Manhattan’s famed Billionaires’ Row, the 42-story property underwent a comprehensive renovation and reopened in 2021. It now features 4,500 square feet of meeting space, a variety of dining concepts, and a 6,500-square-foot Exhale spa and fitness center set to open later this year. The hotel is also home to Parker’s burger joint, known for its live music and craft cocktails, and Indian Accent, an upscale dining experience by Chef Manish Mehrotra.

The acquisition also marks the first addition of a Thompson Hotels-branded hotel to Gencom’s portfolio which includes properties from luxury brands The Ritz-Carlton, Four Seasons Hotels and Resorts, St. Regis, Rosewood, Fairmont, and Auberge Resorts. The Thompson Hotels portfolio of luxury lifestyle hotels currently includes The Beekman, Gild Hall and Thompson Central Park New York in New York City.

Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality.