The purchase of the 587-key hotel represents Gencom’s entry into New York City, one of the top leisure and business destinations worldwide.
MIAMI – September 17, 2024 – Gencom, a U.S.-based investment firm that owns, operates and develops prized real estate around the world, announces the hotel acquisition of the 42-story Thompson Central Park in New York City, a 587-key hotel centrally situated on Manhattan’s Billionaires’ Row.
Located just south of New York’s Central Park, the luxury-lifestyle hotel underwent a comprehensive renovation, which led to the property’s reopening and rebranding in 2021. The hotel features 4,500 square feet of modern meeting space, an impressive lineup of food and beverage concepts, and a 6,500-square-foot, world-class Exhale spa and fitness center expected to open later this year. The hotel’s distinctive Upper Stories experience offers an elevated level of luxury and personalized services – including a private arrival and departure process and exclusive Upper Stories guest lounge – with a collective of guestrooms and suites perched on the hotel’s topmost guest floors.
Thompson Central Park is home to one of New York City’s most popular eateries, the iconic Burger Joint, which serves one of the city’s best burgers and is open for lunch and dinner, Parker’s, a restaurant located in the hotel’s main level featuring live music and crafted cocktails named after famous jazz songs, and Indian Accent, an upscale dining experience by Chef Manish Mehrotra that delights patrons with a unique twist on traditional Indian dishes.
The acquisition financing for this transaction was provided by affiliates of Ramsfield Hospitality Finance, Affinius Capital and AB CarVal.
The real estate transaction signifies Gencom’s first foray into New York City, a global luxury hospitality market that attracts more than 63 million business and leisure travelers annually.
“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.”
The acquisition also marks the first addition of a Thompson Hotels-branded hotel to Gencom’s growing hospitality portfolio, which includes distinguished brands such as The Ritz-Carlton, Four Seasons Hotels and Resorts, St. Regis, Rosewood, Andaz, Fairmont, and Auberge Resorts. Gencom and Hyatt’s relationship includes the planned redevelopment of downtown Miami’s iconic Hyatt Regency Miami hotel, as well as the acquisition and renovation of Andaz Costa Rica Resort at Peninsula Papagayo.
“With this latest hotel acquisition, we continue to grow our diverse real estate portfolio and further strengthen our relationship with Hyatt, while adding Thompson Central Park as the latest hotel flag in our portfolio,” said Karim Alibhai, Founder & Principal of Gencom. “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 hotel is centrally located near some of New York City’s premier artistic and cultural institutions such as Carnegie Hall, the MoMA (The Museum of Modern Art), and many legendary fine dining destinations. The property offers scenic views of Central Park, considered one of the city’s top attractions, spanning 843 acres of lush green space with walking trails, lakes, recreation fields and multiple restaurants.
“We are excited to deepen our relationship with Gencom and continue collaborating in even more meaningful ways across its diverse portfolio of Hyatt hotels,” said Pete Sears, Group President, Americas, Hyatt. “We look forward to Thompson Central Park’s further success with Gencom’s strategic investment and vision, paired with Hyatt’s innovative approach to lifestyle hotel management.”
Eastdil Secured, a global real estate investment bank, represented the seller in the property’s sale and also represented Gencom in arranging the acquisition financing.
“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.”
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one more of its affiliates.
