NEW ORLEANS — Gencom, a Miami-based investment firm, has acquired a portfolio of two connected hotels located in the historic French Quarter of New Orleans. The 758-room hospitality portfolio includes The Ritz-Carlton, New Orleans and the Courtyard by Marriott New Orleans French Quarter/Iberville.
Situated along the city’s historic Canal Street, The Ritz-Carlton New Orleans comprises 528 hotel rooms and suites. The hotel features about 48,000 square feet of event space, a fitness center, indoor pool and a 25,000-square-foot spa. The Ritz-Carlton also offers Davenport Lounge, a jazz bar and lounge, and the M Bistro eatery. The property opened in 2000.
The adjacent Courtyard by Marriott French Quarter/Iberville offers 230 rooms, as well as a coffee shop. The building was originally constructed in 1878 as a department store and was converted into a hotel in 2012. The property is located within walking distance of Bourbon Street, the Caesars Superdome and the New Orleans Ernest N. Morial Convention Center.
Both hotels have recently undergone multi-year renovation programs. The Ritz-Carlton was refurbished with updates to guest rooms and public areas, including a $15 million upgrade to its Maison Orleans Club Level. Additionally, all guest accommodations and public spaces at The Courtyard by Marriott were renovated.
Monroe Capital provided financing for the acquisition. Eastdil Secured both represented the seller in the deal and the buyer in securing acquisition financing. The seller and sales price were not disclosed.
“New Orleans represents a compelling market for luxury hospitality,” remarked Karim Alibhai, founder and principal of Gencom. “We look forward to working closely with Marriott to ensure that The Ritz-Carlton, New Orleans and Courtyard French Quarter continue to deliver unparalleled guest experiences.”
Gencom owns, operates and develops residential and resort properties. The company currently has about $8 billion in assets under management, including hospitality brands such as The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis Hotels & Resorts, Four Seasons, Rosewood, Andaz, Thompson, Fairmont and Auberge Resorts. Gencom currently has an ownership stake in The Old No. 77 Hotel & Chandlery hotel, which is also situated in the French Quarter.
In September 2024, Gencom purchased the 587-key Thompson Central Park by Hyatt hotel in Manhattan for more than $300 million. The acquisition marked the firm’s entrance into New York City.
— Channing Hamilton