Gencom Buys NYC Ritz-Carlton in Third Latest Luxury Hotel Acquisition

Real estate investment firm Gencom has acquired Midtown’s 253-key Ritz-Carlton New York, Central Park hotel, its third luxury hotel acquisition in New York City in the last 16 months, the buyer announced Friday.

Gencom bought the famed 33-story hotel at 50 Central Park South from Westbrook Partners for an undisclosed amount. The original bidding price for the property was about $400 million in March 2024, outlets reported.

“Gencom continues to see compelling long-term opportunities in New York City, particularly for luxury assets with enduring global appeal,” Karim Alibhai, founder and principal of Gencom, said in a statement. “The Ritz-Carlton Central Park is one of the most iconic properties in the city, distinguished by its park frontage and position at the center of Manhattan’s luxury ecosystem.”

The deal comes as part of a New York City buying spree for Gencom. In September 2024, the Miami-based investment and development firm bought the 588-key Thompson Central Park New York hotel from Elliott Management and GFI Hospitality for between $300 million and $310 million, Commercial Observer reported at the time. Then, in December, Gencom, in a partnership with Highgate and Argent Ventures, purchased the 607-key InterContinental New York Times Square hotel from Tishman Realty and MetLife Investment Management for $230 million.

Gencom said its new acquisition of the Ritz-Carlton overlooking Central Park “strengthens its assemblage of best-in-class luxury hotels” and “deepens its investment in one of the world’s most dynamic leisure and business travel destinations.”

The deal also comes as part of a selling spree for Westbrook, which is nearing an agreement to offload its Ritz-Carlton hotel in Washington, D.C., to Trinity Investments for an undisclosed amount, Bloomberg reported.

International financial institution Banco Inbursa financed Gencom’s latest acquisition. Spokespeople for Westbrook and Banco Inbursa did not immediately respond to requests for comment. A spokesperson for Gencom declined to provide financing details for the acquisition.

The Ritz-Carlton New York, Central Park, which was built in 1930 at the corner of Central Park South and Avenue of the Americas, features several amenities and restaurants, including all-day gastro lounge Contour, the Ritz-Carlton Club Lounge, La Prairie Spa and a newly renovated fitness center.

The hotel joins Gencom’s growing hospitality portfolio in the U.S., which includes brands such as the Four Seasons Hotels and Resorts, St. Regis, Rosewood, Andaz, Fairmont and Auberge Resorts, according to the company.

Isabelle Durso can be reached at idurso@commercialobserver.com.