Miami-based real estate investment firm Gencom purchased the Thompson Central Park Hotel for $308 million, according to reports. The 42-story hotel at 119 West 56th Street was purchased from GFI Capital Resources Group and Elliott Management.
The 587-key hotel will continue to operate under Hyatt as a Thompson-branded hotel. This move adds the first Thompson Hotels-branded property to Gencom’s network, which already includes brands such as The Ritz-Carlton and Four Seasons Hotels and Resorts, among others.
The hotel has 4,500 square feet of meeting space, a lineup of food and beverage concepts, and a 6,500-square-foot 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.
"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,” Gencom’s Chief Investment Officer Alessandro Colantonio said in a statement. “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 and 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.”
“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.”