Miami, Florida—Gencom, Argent Ventures and highgate Announced the acquisition of the InterContinental New York Times Square, a 607-room luxury hotel in Midtown Manhattan.
The hotel will transition from IHG management to an IHG franchise, with Highgate assuming management rights. The hotel will also undergo extensive renovations to guest rooms, public spaces and food and beverage venues.
“As Gencom's second hotel acquisition in New York City in the past 18 months, this transaction underscores our confidence in the long-term strength and global appeal of this destination,” said Karim Alibhai, founder and principal of Gencom. “We look forward to leveraging Gencom's expertise to further enhance the hotel experience, blending luxury with the energy and sophistication of Manhattan.”
Argent Ventures' recent acquisition and conversion of the Crowne Plaza Times Square into the Hyatt Regency Times Square (which is also operated by Highgate) highlights the company's continued investment in the city's hospitality industry.
Highgate will serve as operational leadership for the property. The acquisition follows Highgate's recent investment in the 1,331-room Row NYC.
“Highgate is pleased to close another major investment in New York and to partner with Gencom and Argent Ventures,” said principal Zach Berger. “Highgate has invested across multiple cycles and asset classes in New York and remains committed to building best-in-class operating teams in the market that deliver exceptional experiences for our guests and leading results for our partners. We are also excited to continue working with IHG to expand our activities and lead the next chapter of InterContinental New York Times Square.”
Transaction details
Acquisition financing for this transaction was provided by Monero Capital.
Kyle Asher, managing director and co-head of alternative credit solutions at Monroe Capital, said: “Monroe is pleased to have completed another transaction with Gencom, one of the world's premier high-end hotel sponsors. In addition, Monroe is pleased to have completed transactions with two other blue-chip sponsors, Argent and Highgate.”
Eastdil Secured conducted the sale on behalf of the seller and obtained financing on behalf of the buyer. The seller was a joint venture between Tishman and MetLife Investment Management.
