Acquisition of 758-key hotel portfolio marks Gencom’s continued investment in New Orleans, one of the country’s most dynamic cultural and tourism destinations.

MIAMI – March 20, 2025 – Gencom, a U.S.-based investment firm that owns, operates, and develops prized real estate around the world, announces the acquisition of The Ritz-Carlton, New Orleans and the Courtyard by Marriott New Orleans French Quarter/Iberville, a 758-key hospitality portfolio comprised of two connected hotel properties situated in the heart of the city’s historic French Quarter.

Considered a city landmark, The Ritz-Carlton New Orleans is situated on the iconic Canal Street and showcases 528 hotel rooms and suites. The hotel features over 48,000 square feet of premier event space, a fitness center, an indoor swimming pool, and a 25,000 square foot world-class spa, considered the largest in New Orleans. The Ritz-Carlton also offers an array of experiences that immerse guests into the city’s vibrant culture, such as the iconic Davenport Lounge’s live jazz performances and M Bistro’s cuisine, celebrating the region’s flavors with locally sourced ingredients.

The adjacent 230-key Courtyard by Marriott French Quarter / Iberville is conveniently located within walking distance of Bourbon Street, the Caesars Superdome, and the New Orleans Ernest N. Morial Convention Center, making it an attractive choice for business and leisure travelers visiting the year-round destination.

With this two-asset acquisition, Gencom strengthens its existing relationship with Marriott International, further expanding its portfolio of globally recognized hospitality brands, which include The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis Hotels & Resorts, Four Seasons, Rosewood, Andaz, Thompson, Fairmont, and Auberge Resorts.

“We continue to build upon our legacy of investing in and enhancing world-class hospitality assets with this significant acquisition that expands our presence in this high-profile destination,” said Karim Alibhai, Founder & Principal of Gencom. “New Orleans represents a compelling market for luxury hospitality, and we are excited to bring our expertise to further elevate these properties. We look forward to working closely with Marriott to ensure that The Ritz-Carlton, New Orleans and Courtyard French Quarter continue to deliver unparalleled guest experiences.” Mr. Alibhai added: “This acquisition is especially meaningful as it marks Gencom’s 10th Ritz-Carlton branded project, following the recent opening of Nekajui, a Ritz-Carlton Reserve in Costa Rica. We are proud to have built and maintain a long-standing relationship with the Ritz-Carlton brand through both development and acquisitions.”

Both hotels have recently undergone transformative multi-year renovations, reconfirming their status as premier hospitality assets. The Ritz-Carlton New Orleans received a significant refurbishment which enhanced guest rooms and public areas, including a ~$15 million upgrade to its Maison Orleans Club Level. The Courtyard by Marriott French Quarter / Iberville also recently underwent a comprehensive renovation, modernizing all guest accommodations and public spaces, to deliver an elevated experience for guests.

The real estate transaction underscores Gencom’s commitment to expanding its hospitality portfolio in key urban markets with high tourism demand and strong economic fundamentals. The acquisition was financed by Monroe Capital, with Eastdil Secured representing both the seller in the sale and the buyer in the acquisition financing.

“As Gencom continues to acquire and develop luxury hotel assets in premier U.S. destinations, this acquisition represents a strategic expansion within the dynamic New Orleans market,” said Alessandro Colantonio, Chief Investment Officer at Gencom. “With its rich cultural heritage and thriving tourism sector, New Orleans presents a unique opportunity for long-term value, and the renovations and prime locations of both properties further enhance their positioning as top-tier hospitality assets.”

The Ritz-Carlton and Courtyard New Orleans acquisitions further reinforce Gencom’s position as a leader in the luxury hospitality sector, expanding its footprint in key gateway markets and high-demand leisure destinations worldwide. In September 2024, Gencom completed another major acquisition purchasing the 587-key Thompson Central Park, marking the firm’s entrance into New York City, one of the top leisure and business destinations worldwide.

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com

Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.

Media Contact:

Schwartz Media Strategies

Yudi Fernandez Kim – [email protected]; (305) 725-8262

Sara Gaggia – [email protected]; (954) 592-4589

Annemarie Suarez – [email protected]; (786) 416-1783

Mohari Hospitality and Gencom are proud to announce the grand opening of Nekajui, a Ritz-Carlton Reserve, the first of its kind in Central and South America and the eighth in the world. Nestled within the breathtaking 1,400-acre private club and resort community of Peninsula Papagayo, Nekajui is the destination’s newest ultra-luxury sanctuary.

Marking a significant milestone for Costa Rica’s hospitality scene, the opening strengthens Gencom’s long-standing partnership with Marriott International and Ritz-Carlton and, further solidifies Gencom’s position as a leader in the luxury hospitality mixed-use sector, expanding its presence in high-demand leisure destinations as the firm continues to execute high-profile, hospitality-led real estate deals in top US and global markets.

Developed through a joint venture between Mohari Hospitality and Gencom, Nekajui, whose name derives from the indigenous word for ‘lush garden,’ embodies refined hospitality by integrating Costa Rica’s natural beauty, rich cultural heritage, and timeless luxury.

Perched on an oceanfront bluff, Nekajui features 107 luxurious rooms, including suites and three exclusive luxury treetop tens, offering panoramic ocean views. Additionally, 36 branded private residences are available for those seeking an elevated, permanent retreat.

The design vision, led by SB Architects and Gensler, takes cues from the grand haciendas of Costa Rica’s Guanacaste Province, blending local craftsmanship and cultural details. The Athens Group, a trusted partner to both Gencom and Mohari, ensured that the design and construction honored the surrounding natural landscape, offering an immersive experience that connects the past and present.

Read more about Nekajui, a Ritz Carlton Reserve, a fusion of nature and culture >>

Gencom and its affiliates continue to expand their investment and footprint in the island of Bermuda, where the firm acquired the Fairmont Southampton resort in 2019 and also owns the Rosewood Bermuda acquired in 2017.

The financing secured will fund a comprehensive renovation and redevelopment of the iconic Fairmont Southampton resort.

MIAMI, FL, September 23, 2024 – Gencom, an international owner, developer and manager of prized real estate, announced today that it has closed on a $550 million recapitalization of the Fairmont Southampton resort in Bermuda, funding a major redevelopment and expansion of the 593-key resort. With this announcement and commencement of the redevelopment, Gencom solidifies its position as the largest hospitality owner and developer on the island of Bermuda. Famous for its pink-sand beaches and accessibility to major North American cities such as Miami, New York City, Toronto and Boston, the destination ranked as the #1 location to travel to by Condé Nast Traveler’s Readers’ Choice Awards 2023.

“With this latest transaction, we are thrilled to strengthen our investment in Bermuda’s vital tourism and hospitality sector, as the country continues to rank as a leading tourism destination,” said Karim Alibhai, Founder and Principal of Gencom. “The extensive redevelopment of Fairmont Southampton reflects our deep commitment to the island’s long- term success. These enhancements will elevate the resort to a premier luxury destination, not just in Bermuda but across the broader Caribbean hospitality market.”

The extensive redevelopment underway at Fairmont Southampton will modernize the historic resort, featuring a complete transformation of all guestrooms with luxurious furnishings and elegant decor. The revamp will also include upgrades to the hotel’s expansive lobby and reception area as well as the meeting spaces and ballrooms, which will position the hotel and the island to welcome high-profile events and celebrations. The restaurant spaces will undergo a makeover to unveil sophisticated settings and elevated menu offerings. Fairmont’s Beach Club is being reimagined as a signature amenity that will include a new oceanside beach grill and lavish resort-style pool with breathtaking views of the beachfront. The redevelopment will additionally include a multi-phased residential program with luxury residences branded under the Fairmont flag. The resort is slated to reopen in early 2026, following the comprehensive renovation.

As noted by Omer Acar, Chief Executive Officer for Fairmont Hotels & Resorts, “We are thrilled to mark another notable step forward toward the reopening of Fairmont Southampton. This hotel is not only of significance to the island of Bermuda, but it is also a much-loved member of the Fairmont family. We are eager to reopen the doors and to get back to what we do best, delivering special experiences for our guests, fostering a strong team, and creating rewarding

opportunities for career-building and growth for Bermudians. It is an exciting time, and we are delighted to be working closely with our valued partners at Gencom in re-imagining this iconic property.”

Bermuda’s Minister of Tourism, the Honourable Owen Darrell, JP, said, “This is exciting news and represents a resounding vote of confidence in Bermuda and the potential of our tourism industry.”

Financing for the Fairmont Southampton transaction was provided by key institutional lenders, led by Starwood Property Trust and Clarien Bank.

“We are excited to be working with leading institutional lending partners on this venture and to reach this significant milestone with our Bermuda holdings,” said Alessandro Colantonio, Chief Investment Officer at Gencom. “As we continue to forge ahead, we look forward to delivering this world-class destination resort that will benefit the Bermuda tourism industry and local economy for decades to come.”

Lotus Capital Partners, led by Faisal Ashraf, served as capital markets advisor to Gencom on this deal.

“Clarien is proud to play a pivotal role in the financing of this transformative project, which will revitalize one of Bermuda’s most iconic resorts and strengthen the island’s position as a premier destination,” said Simon Van de Weg, Chief Banking Officer at Clarien Bank. “This underscores our commitment to supporting the growth of Bermuda’s economy through innovative financial solutions that meet the evolving needs of the Bermuda market.”

This announcement and closing follows the firm’s successful track record of acquiring, redeveloping and expanding significant luxury, mixed-use resorts including Costa Rica’s Peninsula Papagayo, which includes a Four Seasons resort, Andaz by Hyatt resort and a Ritz- Carlton Reserve that is currently under construction.

In May 2024, Gencom also announced the successful refinancing of the Rosewood Bermuda, an ultra-luxury hotel boasting 88 keys with sweeping views of the Atlantic Ocean, Castle Harbour and Harrington Sound. The hotel’s amenities feature a 2,700-square-foot ballroom, a 12,000-square-foot luxury spa with eight treatment rooms and a reflecting pool, as well as several more dining options. The five-star resort is located in Tucker’s Point, spanning 240 waterfront acres and considered the longest private beach on the island. The financing was originated by Blackstone Mortgage Trust, Inc. (NYSE: BXMT) and KSL Capital Partners, LLC for an undisclosed amount and terms. Gencom is currently leading a $17 million renovation of the Rosewood resort that includes improvements to the golf course and clubhouse, the Beach Club and the addition of new amenities and food & beverage options.

Gencom’s Bermuda assets are part of the firm’s illustrious branded hotel portfolio, which includes destinations such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Key Biscayne; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Four Seasons Costa Rica; Nekajui Ritz-Carlton Reserve currently under construction; and other five-star flags under Auberge, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and under development and includes 24 owned assets with over 7,000 hotel rooms around the world.

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com

Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 24 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.

About Starwood Property Trust

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of June 30, 2024, the Company has successfully deployed over $98 billion of capital since inception and manages a portfolio of $26 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.

About Clarien Bank

Clarien Bank Limited (“Clarien Bank”) provides personal, wealth management and corporate banking, to clients in Bermuda and internationally. Clarien Bank is one of the largest independent integrated financial services organisations in Bermuda and through subsidiary companies is licensed to conduct banking, investment, corporate services and trust business by the Bermuda Monetary Authority.

Media Contact for Gencom:

Schwartz Media Strategies

Yudi Fernandez Kim – [email protected]; (305) 725-8262 Jen Le – [email protected]; (239) 860-7379

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.

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com

Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.

About Thompson Hotels

Thompson Hotels have transformed conventional hospitality into dynamic cultural moments inspired by the surrounding streets since the brand’s first hotel opened in downtown NYC more than 20 years ago. Today, the brand continues to channel local creative energy into its expanding international portfolio of properties, with restaurants helmed by top culinary names, lobbies that double as cultural epicenters, boundary-pushing music programs, and more. The result is a magnetic hub built for collective gathering, where distinct design is an ethos and a signature part of the guest experience. Each hotel serves as an inspiring home base for guests and creatives alike to connect with each other and what moves culture forward. The Thompson Hotels portfolio of luxury lifestyle hotels currently includes The Beekman, Gild Hall and Thompson Central Park New York in New York City; Thompson Washington D.C.; Thompson Nashville; Thompson Seattle; Thompson Chicago; The Cape in Los Cabos, Mexico; Thompson Playa del Carmen on Mexico’s Riviera Maya; Thompson Zihuatanejo on Mexico’s Pacific Coast; Thompson Dallas, Thompson San Antonio, and Thompson Austin in Texas; Thompson Savannah; Thompson Hollywood; Thompson Buckhead; Thompson Denver; and Thompson Madrid in Spain. Follow @ThompsonHotels on Facebook, Twitter, and Instagram for news and updates. For more information, please visit www.thompsonhotels.com.

Photo Credit Julie Soefer Photography

Gencom and its affiliates deepen investment in Bermuda, with plans for a $17 million renovation of the master-planned community at Tucker’s Point 

MIAMI, FL – May 1, 2024 – Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, announced today the successful refinancing of the Rosewood Bermuda. The five-star resort is located in Tucker’s Point, spanning 240 waterfront acres and featuring over 800 linear feet of beachfront, making it the longest private beach on the island. The financing was originated by Blackstone Mortgage Trust, Inc. (NYSE: BXMT) and KSL Capital Partners, LLC for an undisclosed amount and terms. 

Gencom acquired the fee-simple, Rosewood Tucker’s Point master-planned estate out of receivership in 2017. Following the acquisition, Gencom executed a series of repositioning efforts, including a complete operational overhaul and a more than $24 million renovation of the asset. 

“The successful refinancing of the Rosewood Bermuda reaffirms Gencom’s long-term commitment to the country’s economic growth. Along with the Fairmont Southampton, Bermuda property, we look forward to elevating the local hospitality and tourism landscape, while opening the doors for other institutional lenders and developers to explore investment opportunities in Bermuda,” said Karim Alibhai, Founder & Principal of Gencom. “We are grateful for the continued support from the Government of Bermuda, the Bermuda Industrial Union and the local community as we further advance our development plans, generating jobs and economic benefits for the country for years to come.” 

Gencom’s planned $17 million renovation of Tucker’s Point will include improvements to the 18-hole, par-70 Golf Course & Clubhouse; and Beach Club, which features Bermuda’s longest stretch of private beach and is home to two pools, a restaurant, and a watersports center; as well as adding new amenities and food & beverage options. The community also features a Tennis Club with four Har-Tru clay courts, 48,000 square feet of waterfront land, as well as Rosewood Residences, Harbor Court Residences and single-family homes. 

“KSL is pleased to have the opportunity to continue to build on our firm’s partnership with Gencom,” stated Dan Rohan, Partner and Head of Tactical Opportunities at KSL. “As a sector fund, KSL is dedicated to making investments in travel and leisure businesses. This investment is yet another example of KSL’s commitment to supporting sponsors in their ownership of iconic hospitality assets and our ability to use creative and flexible capital solutions with firms like Gencom through our Tactical Opportunities vehicle.” 

Operated by Rosewood Hotels and Resorts, the ultra-luxury hotel boasts 88 keys with sweeping views of the Atlantic Ocean, Castle Harbour and Harrington Sound. Additional amenities to the aforementioned include a 2,700-square-foot ballroom, a 12,000-square-foot luxury spa with eight treatment rooms and a reflecting pool, and several more dining options on property. 

Alongside the redevelopment of the Fairmont Southampton that is currently underway, Gencom looks forward to continuing its investment in Bermuda’s vital tourism and hospitality industry. The country continues to rank as a leading tourism destination, famous for its pink-sand beaches and accessibility to major North American cities such as Miami, New York City, Toronto, Boston, among others. In fact, Bermuda was ranked the #1 spot to travel to by Condé Nast Traveler’s ‘Readers’ Choice Awards 2023.’ 

Gencom’s Bermuda assets are part of the firm’s illustrious branded hotel portfolio, which includes other brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Key Biscayne; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Nekajui Ritz-Carlton Reserve, and other five-star flags such as Auberge, Four Seasons, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and under development and includes 23 owned assets with over 7,000 hotel rooms around the world. 

About Gencom 

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com 

Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces. 

About Rosewood Hotel Group 

Rosewood Hotel Group, a privately owned company, is one of the world’s leading global lifestyle and hospitality management groups. It encompasses four brands: ultra-luxury Rosewood Hotels & Resorts®; upper-upscale New World Hotels & Resorts; Asaya, an integrated well-being concept; and Carlyle & Co., a modern and progressive private members club. Its combined hotel portfolio consists of 44 hotels in 20 countries with more than 30 new properties currently under development.   

About Blackstone Mortgage Trust 

Blackstone Mortgage Trust (NYSE: BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com. 

About KSL Capital Partners 

KSL Capital Partners is a private equity and private debt investment management firm specializing in travel and leisure enterprises. KSL has offices in Denver, Colorado; New York City; Stamford, Connecticut; and London, England. Since 2005, KSL has raised in excess of $23 billion of capital across its equity, credit and tactical opportunities funds. KSL’s current and past portfolio contains some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com 

Sean O’Neill, Skift

January 29th, 2024

Karim Alibhai’s began his career at a Best Western motel. In the decades since, his firm Gencom has bought, sold, and developed eight Ritz-Carltons and dozens of other luxury hotels. Here’s his formula.

Karim Alibhai knows better than most how to make luxury hotels profitable. He’s the founder and top boss of Gencom, which has owned, part-owned, or developed 8 Ritz-Carltons and 150 hotels under other brands over three decades.

Gencom’s traction is notable, given how tricky it is to get the economics right in luxury hotel deals and development. 

• Prime real estate is pricey. White-glove service is expensive. After such costs, where are the profit margins? 
• Equally challenging is how luxury hotels have seen softness in room rates during most of the past decade, according to STR data as analyzed by Bernstein Research. 

Yet Gencom has defied the averages with its portfolio worth about $7.5 billion. 

Last week, Gencom acquired majority ownership in The Ritz-Carlton Key Biscayne resort in Miami for an unpublicized sum. 

• The real estate investment and development firm plans a $100 million renovation to start next year. 
• Gencom knows the property better than anyone. It co-developed and built the 17-acre resort, which debuted in 2000. It later sold its majority stake. 

This November, Gencom will open Nekajui, a Ritz-Carlton Reserve, in Costa Rica, as a luxury mixed-use complex being built ground-up across 1,400 acres. 

• The three dozen units cost roughly between $3 million and $13 million each. 
• That’s the highest price per square foot Costa Rica has seen for such properties yet. 

Last July, Miami officials okayed Gencom’s and Hyatt’s plan for a billion-dollar development project — with construction set to start next year. 

• Miami Riverbridge will be anchored by a redeveloped 615-room Hyatt Regency Miami. 

Negotiate With the Luxury Hotel Brands 

Alibhai has pushed the major luxury brands to give Gencom some leeway to fine-tune development and operation. 

• “The luxury operators are very good, by and large, but you do need a very active asset management approach where they respect and listen to you — versus them saying ‘I’m St. Regis, I’m Rosewood, I’m Four Seasons, etc., so I know best,” Alibhai said. 
• Exhibit A: In 2017, when Gencom co-acquired the Four Seasons Resort Peninsula Papagayo in Costa Rica (with another developer, Mohari), Four Seasons mandated a $15 million renovation. 
• “We said, ‘Look, we think the potential ROI [return on investment] justifies a bigger, $35 million renovation,” Alibhai said. “But for us to put that in, we need you to change certain things, such as how you’re going to price the rooms and what the staff-to-guest ratios are.” 
• Four Seasons liked that Gencom was a development group willing to invest thanks to its ability to get capital from top-tier lenders. So it agreed to make operations leaner and less costly, such as by trimming middle management and being more assertive in the rates it charges. “Today, that’s one of the most successful Four Seasons resorts,” Alibhai said.  Exhibit B: In 2015, Gencom took a stake in The Ritz-Carlton Fort Lauderdale. “It had a negligible net operating income, yet 18 months later, it had grown almost seven-fold with the same manager, Ritz-Carlton,” Alibhai said.  Exhibit C: Last year Alibhai and his team went to Ritz-Carlton and said that The Ritz-Carlton Key Biscayne resort wasn’t doing as well as it should and that it had seen its heyday. Gencom offered a plan to invest $100 million to upgrade amenities and reposition the hotel’s reputation among travelers.  “Ritz-Carlton agreed because it’s a win-win,” Alibhai said. “If we do x, y, and z, their average rates will go up, so they’ll make more money through their management and incentive fees. But in exchange, they agreed to flexibility in certain financial contributions and so forth and to agree to our plan for reimagining the property by them doing x, y, and z.” 

Residential Underwrites Luxury Hotels 

Alibhai, 59, was one of the first, in the late 1990s, to recognize the value of pairing luxury hotels and residential development. 

• Alibhai’s Gencom helped kickstart the trend by helping Ritz Carlton create its first branded residences. 
• Since then, multiple players have collectively built more than 80,000 hotel-branded residential units, according to Savills. 
• “Luxury travelers were becoming more discerning and looking for better amenities and more elaborate amenities than, say, a spa with three treatment rooms and a small gym,” Alibhai said. “Yet you can’t afford to put all those things in a hotel alone because the occupancy rates won’t justify the operational costs.” 
• “Residential sales help amortize the cost of the better spas, pools, and restaurants quite significantly,” Alibhai said. 
• “To use very rough numbers, a true luxury resort today will cost you almost $2 million a key [or per room or suite] to build because of land costs in coveted locations, the amenities you have to put in, etc.,” Alibhai said. “At $2 million a key, it’s not easy to make the economics work for the hotel itself.” 
• “So what you try to do is, at a minimum, see if you can reduce its costs by 50% by building residential and getting residential profits such that your net cost is instead $1 million a key — to do some quick and dirty math,” Alibhai said. “Now the economics work because your profit from residential paid back half the cost of the hotel, as a rule of thumb.” 
• “When you do ultra-luxury, you’re spending even more, so it’s harder to get costs down as much as a percentage,” Alibhai said. “But you can still catalyze the value of the land across the project and increase the value of everything adjacent.” 

Buying Low, Selling High 

Alibhai works hard to sustain an organizational culture that emphasizes hustle and humility. 

• Alibhai began his career working at what he calls a “negative two-star” Best Western motel. He had to hustle to work his way up to trading Rosewoods, Fairmonts, and Auberges. He tries to instill the hustle culture in his team — and also a willingness to think outside the box — to outmaneuver rivals. 
• A key lesson: “Getting the right entry point on a deal is half the battle of a project’s success,” Alibhai said. Not overpaying for real estate allows room for error and bad luck in the later development work. While that truth may sound obvious, a long list of struggling luxury hotels suggests it’s not widely absorbed. 
• Hubris is one challenge to watch out for. “It’s a mistake to think we’re that much smarter than everyone else in development,” Alibhai said. “For example, we would not go into a tough market that others are avoiding and build a ground-up luxury property and just think some Gencom magic would make it successful.” 
• For instance, Gencom only bought the St. Regis Chicago in a joint venture with GD Holdings in 2021 because it was a pandemic-related distressed sale. Gencom hustled to put together a transaction whose “very complicated” nature deterred rival bids. 
• Similarly, Gencom’s soon-to-open Nekajui, a Ritz-Carlton Reserve, in Costa Rica became an attractive project financially because Gencom acquired the infrastructure, such as the golf course and marina, in a distressed situation in 2015. 
• “We polished the gem, so to speak, so that when buyers came to look at the residential units, we had a lot to show,” he said. “People said, ‘We’ll pay North American prices to be a resident here.’ It’s nearly sold out. If we had built it all ground up, it would’ve been an expensive entry in a greenfield situation where we wouldn’t have known if we would’ve been successful.” 

Right-sizing Luxury Operations 

Experts note that the best-reviewed and the most lucrative luxury and ultra-luxury hotels tend to be owner-operated. What’s notable about Gencom is that it has to work with third-party managers to get the results it wants. 

• Gencom recognized that restaurants and bars are becoming critical to the success of luxury hotels. (Roughly 1 billion photos on Instagram were food-related in 2023, said SproutSocial.) So Gencom insisted that Marriott outsource the St. Regis Chicago’s offerings to Lettuce Entertain You Enterprises, the city’s largest restaurant company. The result includes a just-opened Tuscan steakhouse in collaboration with award-winning Los Angeles-based Chef Evan Funke. 
• “The property is outperforming the market on all metrics in its first 12 months,” Alibhai claimed. 
• In 2017, Gencom bought Rosewood Bermuda, which had been in receivership. Gencom made a $25 million renovation. Its premise was that the operator had only been managing it as a six-months-a-year operation when it could be a nine-months-a-year operation. 
• “Yes, for three months a year, it’s too cold to swim in the ocean,” Alibhai said. “But only 20% or so of the guests are going into the ocean year-round. So you could extend the season to attract people to take board meetings and play tennis and golf if we invest in the facilities.” The early trajectory is positive, and Gencom is now doing a more than $300 million redevelopment of Fairmont Southhampton in Bermuda. 

Link to Skift article by Sean O’Neill,

MIAMI, FL – January 2024 – Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, announced today that it has retaken majority ownership in the 291-key Ritz-Carlton Key Biscayne. The transaction was financed by Citigroup and affiliates of KSL Capital Partners, LLC for an undisclosed amount. 

Situated at 455 Grand Bay Drive, the 275,000-square-foot Ritz-Carlton resort rises over 13 stories on Miami’s barrier island of Key Biscayne. The upscale resort features 1,000 feet of beachfront access, along with several swimming pools, a Cliff Drysdale Tennis Center, Caribbean-inspired spa and fitness center, The Club Lounge, six restaurants, bars and cafes, as well as 37,000 square feet of meeting and event space. The resort continues to be recognized by top travel publications such as Conde Nast Traveler, Forbes, and U.S. News & World Report as a leading travel destination in Miami. The property also boasts a luxury residential component with 188 condo-hotel units.  

“The Ritz-Carlton Key Biscayne has become a hospitality anchor for Miami’s Village of Key Biscayne since Gencom co-developed the property in 2000 and we are excited to retake control of the asset for a long-term hold. We look forward to achieving the property’s full potential by embarking on a renovation to ensure it remains a top luxury resort as Miami’s international epicenter continues to expand,” said Karim Alibhai, founder of Gencom.  

 After developing the 17-acre property in 2000, Gencom sold its majority interest to a private REIT in a three property, $750 million transaction. 

“KSL is very excited to lock arms with Gencom, who has an exceptional track record in this market and on resort assets like the Ritz-Carlton Key Biscayne,” said Dan Rohan, Partner and Head of Tactical Opportunities at KSL. “This investment is another example of KSL’s long-term commitment to its core thesis within the hospitality sector, but also our more recent expansion into structured partnerships with like-minded firms like Gencom through our Tactical Opportunities vehicle.”  

Gencom is planning a comprehensive $100 million renovation of the resort, slated to start in 2025, which will include major upgrades to the guestrooms, food & beverage offerings, public spaces and guest amenities.  

The Ritz-Carlton Key Biscayne is part of Gencom’s illustrious branded hotel portfolio, which includes other Marriott Hotels brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Nekajui, a Ritz-Carlton Reserve, in addition to other five-star flags such as Auberge, Four Seasons, Rosewood, Fairmont, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.  

About Gencom 

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com 

Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces. 

About The Ritz-Carlton Hotel Company, LLC 

The Ritz-Carlton Hotel Company, LLC currently operates more than 100 hotels in 35 countries and territories. For more information or reservations, visit the company web site at www.ritzcarlton.com, for the latest company updates, visit news.marriott.com and to join the live conversation, use #RCMemories and follow along on Facebook, Twitter, and Instagram. The Ritz-Carlton Hotel Company, L.L.C. is a wholly-owned subsidiary of Marriott International, Inc. (NASDAQ:MAR). The Ritz-Carlton is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including complimentary nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com 

KSL Capital Partners, LLC 

KSL Capital Partners is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; New York City; Stamford, Connecticut; and London, England. Since 2005, KSL has raised in excess of $21 billion of capital across its equity, credit and tactical opportunities funds. KSL’s current and past portfolio contains some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com 

The St. Regis Chicago represents the latest strategic acquisition by the two groups, marking both Gencom and GD’s entry into the Chicago market with the first new luxury hotel to be delivered in the area in over a decade

MIAMI, FL – May 15, 2023 – A joint venture between Gencom and GD Holdings, both privately held, internationally recognized owners, developers and managers of hospitality and residential projects, announced today the acquisition of the newly constructed, 192-key St. Regis Chicago, centrally located in the city’s Lakeshore East Loop community of Chicago where the Chicago River meets Lake Michigan.

The 5-star hotel occupies the first 11 floors within the three interconnected towers comprising the luxurious hotel and branded-condominium mixed-use project. The tallest tower at 101 stories is the third highest in the city and is the tallest building designed by a female architect – renown Jeanne Gang and her architectural firm Studio Gang Architects. In addition to spacious rooms and suites, the hotel features the nearly 12,000 square feet of meeting space, including the 5,000 square foot Astor ballroom, and 7,000 square feet of executive function rooms with magnificent and one-of-a-kind views of the city’s timeless landmarks, including the Magnificent Mile, Navy Pier, Grant and Millennium Parks. Boasting over 21,000 square feet of luxurious amenities including the exquisite St. Regis Spa, state-of-the-art fitness center with yoga and group exercise rooms, rooftop terrace, and indoor swimming pool, all of which are accessible from both the hotel and the 393-residence condominium component.

Chicago-based Magellan Development Group has overseen development of the hotel, which is also part of the Magellan-developed 28-acre Lakeshore East master development, one of Chicago’s most successful large scale mixed-use, residential developments in the city’s history. As part of the acquisition by Gencom and GD Holdings, Magellan will be retaining an ownership interest in the project.

The acquisition marks the first addition of a St. Regis brand to each of Gencom and GD’s growing hospitality portfolios, which includes distinguished brands such as The Ritz-Carlton, Ritz-Carlton Reserve, Four Seasons Hotels and Resorts, Hyatt, Rosewood, Fairmont, and Auberge Resorts. This also signifies the joint ventures first entry into Chicago, one of the nation’s top luxury hospitality markets.

“During the pandemic, Gencom saw a unique opportunity to purchase this asset while it was still under construction and strategically arranged to close on the transaction once the property was delivered,” said Gencom’s Chief Investment Officer Alessandro Colantonio, speaking on behalf of the joint venture. “From the onset, we recognized the long-term value of this investment given the strength of the Chicago market and the significance of opening the first luxury hotel downtown in over a decade. Through this acquisition, Gencom and GD also reinforces their relationship with Marriott International, adding yet another high-end hotel brand to each group’s growing hospitality portfolios.”

The St. Regis Hotel will also offer multiple extraordinary dining experiences that will set a new standard for Chicago’s hospitality landscape, encompassing five unique dining venues totaling 580 seats and 38,000 square feet of space. Two of the new restaurant concepts are being led and managed by Lettuce Entertain You Enterprises, Chicago’s acclaimed and largest restaurant company. The first restaurant Miru, located on the 11th floor, is a Japanese concept offering an all-day dining experience from Lettuce Entertain You Chef Hisanobu Osaka. The second restaurant Tre Dita, will be a Tuscan steakhouse in collaboration with award-winning Los Angeles-based Chef Evan Funke, which will open in the Fall of 2023. 

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com

Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world. Gencom’s portfolio also includes a distinct affiliated operating platform: Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe.

About GD Holdings 

GD Holdings, LLC is a privately held real estate investment company headquartered in Denver, Colorado. The company was founded on a highly disciplined investment approach towards hard assets, specifically real estate, with a focus towards value creation, capital preservation, and enduring quality.  The company encompasses a multi-faceted real estate business – fully engaged in the acquisition, development, ownership and management of hotels and commercial real estate assets.  The depth of its in-house resources allows the company to address every element of the business including acquisition, planning approvals, financing, construction oversight, design, market research, asset management, financial accounting, reporting and legal. GD Holdings has significant direct investments in distinct real estate, including luxury hotels such as Four Seasons Hotels & Resorts, The Ritz-Carlton and St. Regis, alongside other distinguished brands by Marriott and Hilton. GD Holdings continues to actively pursue its growth of hospitality and commercial properties throughout the United States.  The company is well-capitalized and building a portfolio of first-class, long-term assets in strong, diverse markets poised to thrive well into the future.  

About St. Regis Hotels & Resorts

Combining timeless glamour with a vanguard spirit, St. Regis Hotels & Resorts is committed to delivering exquisite experiences at more than 50 luxury hotels and resorts in the best addresses around the world. Beginning with the debut of the St. Regis hotel in New York by John Jacob Astor IV at the dawn of the twentieth century, the brand has remained committed to an uncompromising level of bespoke and anticipatory service for all of its guests, delivered flawlessly by the signature St. Regis Butler Service. For more information and new openings, visit stregis.com or follow Twitter, Instagram and Facebook. St. Regis is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including complimentary nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com.

About Magellan Development Group

Magellan Development Group is a family-owned company that was founded in 1996. To date, Magellan is the premier developer of mixed-use properties in Chicago and has extended its footprint to other major U.S. cities, including Minneapolis, Miami, Nashville, Austin, and Somerville, MA. From conception to completion, Magellan looks after all aspects of the development process and has unique experience in interrelated fields of real estate design, construction management, development, development consultation, architecture, leasing, sales and marketing. For more information on Magellan Development Group, please visit: www.magellandevelopment.com.

Media Contact for GD-Gencom:

Schwartz Media Strategies

Yudi Fernandez Kim – [email protected]; (305) 725-8262

Jen Le – [email protected]; (239) 860-7379

GENCOM-LED PARTNERSHIP EXECUTES SALE OF ETC.VENUES TO NEW YORK-BASED CONVENE

The firm led the sale of U.K.’s leading conference space provider to Convene, a hospitality company that now becomes the largest single supplier of premium meeting venues in the U.S. and UK 

MIAMI, FL – February 1, 2023 – Gencom, an international owner and developer of hospitality and residential properties, today announced the sale of etc.venues, an established leader in urban day conferencing with more than 500,000 square feet of space over 13 venues across London, Birmingham and Manchester and three in New York City. The buyer, Convene, is a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces, offering solutions for innovative organizations. 

Four years ago, a Gencom-led partnership acquired an ownership stake in etc.venues, contributing capital to position the company for continued growth, serving as a catalyst for its expansion into the U.S. and navigating challenges presented by the global pandemic that has led to its successful exit from this investment. The completion of this transaction positions Convene as the largest single provider of premium meeting and event venues in the U.S. and UK. 

“Gencom’s investment in etc.venues represented a unique opportunity to execute an investment strategy that aligned with our focus on hospitality holdings and operations, while allowing us to gain a stake in the growing meetings and events space sector,” said Gencom Founder and Principal Karim Alibhai. “Despite setbacks created by the pandemic, this was a business sector that rebounded stronger as more companies sought flexible meeting and work spaces in a post-pandemic world. We felt this was the right time to execute this successful transaction given the buyer Convene’s position as an industry leader in meeting, event and flex office spaces, and future growth prospects.” 

The Gencom partnership will maintain a significant ownership stake in Convene and Mr. Alibhai will serve on its board of directors.

Founded more than 35 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $7 billion in assets under management and includes 23 assets in operation or under development with over 8,500 hotel rooms around the world. Gencom’s portfolio also includes a distinct affiliated operating platform: Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe. 

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com

About etc.venues

etc.venues operates nearly 500,000 square feet of space with over 15 venues across London, Birmingham, Manchester and New York. In our 30 years, we have hosted 300,000 events attended by more than 15 million delegates. Those numbers make etc.venues a leader in urban day conferencing. In fact, in Central London, we’re bigger than both Marriott and Hilton with 278 rooms. www.etcvenues.com

About Convene

Convene is a premium hospitality company that designs and operates meeting, event, flexible office, and membership spaces.  With a network of 38 locations across nine cities in the U.S. and UK, Convene thoughtfully combines beautiful yet intuitive design, fully-integrated technology services, and a warm and welcoming environment to create a turnkey solution for extraordinary meeting and work experiences. Founded in 2009 with the goal of bringing hospitality and lifestyle into traditional commercial real estate assets, Convene partners with the industry’s top landlords to deliver increased value to their assets and premium experiences to their tenants. The company counts Hudson’s Bay Company, Ares, and RXR Realty among its investors and has been named one of America’s 100 Most Promising Companies by Forbes and a Best Workplace by Inc.magazine, Fortune magazine, and Built In.  Learn more at https://convene.com/  

Gencom and Corten will acquire ownership stake in eight U.S. hotels comprising 1,400+ rooms and suites; Gencom affiliate Pyramid Global Hospitality will manage operations for the portfolio

MIAMI, FL, WILMINGTON, DE and PORTLAND, OR – December 15, 2022 – Affiliates of Gencom, an international owner and developer of hospitality and residential properties, and Corten, a Mid-Atlantic based private real estate investment fund manager, today announced the closing of a strategic venture with Provenance Hotels, an independent owner of boutique hotels. Under the venture, a Gencom-led partnership has acquired a 50 percent ownership stake in eight hotels across the United States, expanding the Miami-based firm’s portfolio by more than 1,400 rooms and suites. In a related transaction, Gencom affiliate Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe, has acquired the Provenance Hotels operating company and will add 12 full-service hotels to its national network of managed properties.

The venture between Gencom and Provenance represents the first transaction between these firms, each with celebrated histories in their respective segments of the market. It’s also the first time Gencom has partnered with Corten on a multi-asset deal.

• Founded more than 35 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $7 billion in assets under management and includes 15 assets in operation or under development with over 7,000 hotel rooms around the world. Gencom’s portfolio also includes two distinct affiliated operating platforms: Pyramid Global Hospitality, and etc. venues.
• Founded in 2018, Corten’s partners have decades of principal real estate investment and management experience with a demonstrated track record in acquisitions, design/development/construction, and property/asset/fund management. Known for its creative capital solutions, the firm and its principals have invested in over 70 hotels, in excess of 15,000 keys, and over $4 billion of total capitalization.  
• Launched in 1985, Provenance Hotels is a premiere owner and operator of independently branded boutique hotels in destination cities across the U.S.

“Gencom’s venture with Provenance is a textbook example of our approach in identifying an opportunity and executing a creative investment strategy that complements our existing holdings,” explains Gencom’s Chief Investment Officer Alessandro Colantonio. “Gencom took a calculated risk entering this transaction during the height of the pandemic. While many were skeptical about the future of hospitality, we saw value in the Provenance portfolio’s real estate assets and believed these destinations would bounce back stronger. Today, Nashville, Seattle and New Orleans are among the top-performing hotel markets in the U.S.”

Brandon Flury, a principal leading Corten’s hospitality investments, added, “Our firm’s vertical expertise in this space allowed for an immediate philosophical alignment with Gencom and also facilitated an efficient execution of this highly nuanced opportunity. We are generally drawn to complex situations that require highly tailored capital solutions for joint venture partners like Gencom and Provenance, while at the same time meeting the return objectives of our institutional investors.”

Founder and Chairman of Provenance Gordon Sondland said, “We are excited about the opportunities this venture provides to our team members and guests, and we will be evaluating capital improvements to properties of the Fund. The Provenance management team will remain actively involved in the business, and we look forward to working with Gencom and Corten as we explore new areas for growth, both domestically and internationally. In particular, I plan to leverage the knowledge of the European market I gleaned during my time as U.S. Ambassador to the European Union.”

For Pyramid, the acquisition of Provenance Hotels’ operating company represents a strategic entry into new markets, according to Gencom Founder and Principal Karim Alibhai. “Pyramid Global Hospitality’s continued expansion in the hotel operations space is core to the strength of Gencom’s platform strategies. By acquiring Provenance Hotels and assuming third-party management of twelve additional properties with nearly 2,000 rooms, Pyramid now has a presence in several new markets that will present opportunities for future growth and support Gencom’s continued pursuit of opportunistic real estate assets and its overall growth initiatives.”

Eight hotels will be jointly owned by a Gencom-led partnership and Provenance: the Dossier, Sentinel, Hotel Lucia and Hotel Deluxe in Portland, Oregon; Old No. 77 Hotel & Chandlery in New Orleans; Hotel Max and Hotel Murano in Seattle; and Hotel Preston in Nashville. These properties are home to a combined 1,407 rooms and suites.  In addition to the eight hotels, Pyramid will manage four hotels owned by third parties which were previously operated by Provenance: Hotel Theodore in Seattle, Heathman Hotel and Woodlark Hotel in Portland, and The Bradley in Fort Wayne, Indiana. In total, Pyramid’s portfolio of managed properties will grow by 1,952 rooms and suites.

About Gencom

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com

About Corten 

Corten Real Estate is a private investment manager that targets middle-market common and preferred equity (direct and joint venture), subordinated debt and whole loan investments in hospitality, multifamily, and office properties located throughout the U.S.  Corten’s sector expertise and ability to invest up and down the capital stack allow it to provide tailored funding solutions to operating partners/sponsors.  Corten is headquartered in Wilmington, DE, with satellite offices in the Philadelphia, PA and Chevy Chase, MD. www.cortenrealestate.com

About Provenance Hotels

Headquartered in Portland, Oregon, Provenance Hotels owns, develops and manages market-leading independent hotels. Imbued with intentional, deeply integrated art stories, these Conde Nast Reader’s Choice Award-winning hotels showcase trend-setting amenities, creative collaborations with local co-conspirators and innovative food & beverage operations while focusing on operational efficiency and profitability. The portfolio includes 12 properties totaling nearly 2,000 keys.www.provenancehotels.com