NEW YORK CITY — Gencom, a Miami-based investment firm, has acquired The Ritz-Carlton New York, Central Park, a 253-room hotel located in Midtown Manhattan. Banco Inbursa provided financing for the acquisition.
Although the sales price was not disclosed, media outlets reported a bidding price of $400 million for the property in March 2024.
“Gencom continues to see compelling long-term opportunities in New York City, particularly for luxury assets with enduring global appeal,” says Karim Alibhai, founder and principal of Gencom.
Situated within the Plaza District at the corner of Central Park South and Sixth Avenue, the Ritz-Carlton New York comprises 253 guest rooms, including 47 suites that are located on the lower 22 floors of the 33-story building. The upper floors consist of roughly a dozen private residential condominiums, which were not included in the sale.
Guest rooms offer a more standard hotel room layout, with separate seating areas, marble bathrooms and walk-in showers. Meanwhile, the residential condos average more than 1,000 square feet in size and include distinct living spaces, kitchens and dining areas.
The Ritz-Carlton hotel also features various amenities for its guests, including Contour, the all-day gastro lounge; the Ritz-Carlton Club Lounge; the La Prairie Spa; and a 24/7, newly renovated fitness center that includes Technogym equipment, Peloton bikes and a movement studio with on-demand digital classes.
Following the purchase of Thompson Central Park and InterContinental New York Times Square by IHG, this transaction marks Gencom’s third luxury hotel acquisition in New York City in the past 16 months.
“This acquisition builds upon our growing New York platform and further strengthens our presence in one of the world’s leading hospitality markets,” says Alibhai.
The Ritz-Carlton New York, Central Park joins Gencom’s growing hospitality portfolio, which includes brands like Four Seasons Hotels and Resorts, St. Regis, Rosewood, Thompson Hotels, InterContinental Hotels, Andaz, Fairmont and Auberge Resorts.