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Gencom Enters NYC With 42-Story Hotel Purchase

Gencom is entering the New York City market with a hotel acquisition of Thompson Central Park.

The 42-story 587-key property is located on Manhattan's Billionaires' Row and to the south of Central Park.

The luxury hotel hosts 4,500 square feet of food and beverage areas, and meeting space. Some major eateries for guests include Burger Joint, Parker's, and Indian Accent. According to a statement by Gencom, the first option is recognized for serving "one of the city's best burgers."

The higher stories of the hotel offer more of a luxurious experience including an exclusive guest lounge, and private arrival and departure process. Plus, a 6,500-square-foot spa and fitness center is anticipated to open later this year at the property.

Thompson Central Park is in proximity to The Museum of Modern Art and Carnegie Hall.

New York City's luxury hospitality market lures in more than 63 million travelers each year, according to Gencom.

"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 Alessandro Colantonio, Gencom's chief investment officer.

"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."

Along with this being the investment firm's first NYC purchase, this marks its first Thompson Hotels-branded acquisition as well. The Miami-based firm's portfolio includes other brands such as Four Seasons Hotels and Resorts, The Ritz-Carlton, St. Regis, Rosewood, Fairmont, and Auberge Resorts.

Also, Thompson Central Park is operated by Hyatt and will continue to do so after the purchase. Hyatt and Gencom are also working on a planned redevelopment in Downtown Miami and acquiring and renovating Andaz Costa Rica Resort in Costa Rica.

Gencom also operates hotels in Chicago, Denver, Miami, and Philadelphia. The firm mostly focuses on resorts, and residential properties in addition to luxury hotels. Gencom has $8 billion in assets under management.

Reprinted with permission from the Wednesday, 18 September 2024 05:16:25 EST online edition of GlobeSt © 2024 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.