Acquisition of 607-key hotel in New York City, one of the world’s premier hospitality markets.
MIAMI – December 11, 2025 – A partnership between Gencom, a U.S.-based investment firm that owns, operates, and develops prized real estate around the world, Argent Ventures, a vertically-integrated, real estate investment and development firm, and Highgate, an industry-leading hotel management, investment, and development company, announce the acquisition of The InterContinental New York Times Square, a 607-key luxury hotel situated in the heart of Midtown Manhattan.
Standing 34 stories tall, the InterContinental New York Times Square is one of Manhattan’s most prominent hotels, offering contemporary design, sweeping skyline views, and immediate access to the city’s most celebrated attractions, including Broadway, Rockefeller Center, and Hudson Yards.
The property will transition from IHG management to an IHG franchise, with Highgate assuming management. The hotel, which currently features approximately 20,000 square feet of flexible meeting space, a signature restaurant, a Shake Shack, and a 24-hour fitness center, will also undergo a transformative renovation of guestrooms, public spaces, and dining venues to elevate the guest experience and meet the highest standards of luxury hospitality.
Following Gencom’s 2024 acquisition of the Thompson Central Park in New York, this transaction further expands the firm’s New York City presence. It marks its first acquisition of an InterContinental Hotels & Resorts-branded property, strengthening Gencom’s relationship with leading global hospitality brands.
“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 elevate the property’s experience further, 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, underscores the firm’s continued investment in the city’s hospitality landscape and its experience in repositioning branded assets.
Highgate, which manages a global portfolio spanning luxury, lifestyle, full-service, and select-service hotels, will assume operational leadership of the property. Highgate’s proven track record of investing and operating in New York City, its leading team of New York-based operators, and strong industry relationships position Highgate to enhance performance and unlock the full potential of this landmark asset. This acquisition follows Highgate’s recent investment in the 1,331-room Row NYC, and marks a continuation of Highgate’s longstanding track record as a leading investor in New York City hospitality real estate.
“Highgate is thrilled to complete another significant investment in New York, and to partner with Gencom and Argent Ventures,” said Zach Berger, Principal. “Highgate has invested in New York across multiple cycles and multiple asset classes and remains committed to fielding a best-in-class operating team in the market, creating exceptional experiences for our guests, and delivering leading results for our partners. We are also excited to continue expanding our activities with IHG, and to lead this new chapter for the InterContinental New York Times Square.”
The acquisition financing for the transaction was provided by Monroe Capital, a leading asset management firm specializing in private credit and real estate. Eastdil Secured represented the seller on the sale as well as the buyer in securing financing. The seller was a joint venture between Tishman and MetLife Investment Management.
“Monroe is excited to partner on another deal with Gencom, one of the premier high-end hospitality sponsors globally. In addition, Monroe is pleased to complete a transaction with two additional blue-chip sponsors, Argent and Highgate,” said Kyle Asher, Managing Director & Co-Head Alternative Credit Solutions of Monroe Capital.
The InterContinental New York Times Square joins Gencom’s growing hospitality portfolio, which includes distinguished brands such as The Ritz-Carlton, Four Seasons Hotels and Resorts, St. Regis, Rosewood, Thompson Hotels, Andaz, Fairmont, and Auberge Resorts.
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.
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 6,000 hotel rooms around the world; in addition to 240 properties, 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.
For more information, visit www.gencomgrp.com.
About Argent Ventures
Argent Ventures is a vertically-integrated, diversified real estate investment and development firm specializing in opportunistic, and value-add transactions throughout the United States.
Founded in 1997 and headquartered in New York City, Argent Ventures pursues debt- and equity-related investments in any asset class. Since its inception, Argent has purchased over $3.0 billion in real estate assets and debt instruments in major markets in the United States and Europe.
Argent Ventures’ earliest investments were in non-performing real estate loans in major US markets. Argent’s principals developed a track record of identifying and unlocking untapped value in distressed properties. Working with various institutional capital partners, Argent developed a reputation for quick and efficient transactions and a focus on special situations and complicated debt work-outs.
About Highgate
Highgate is a leading real estate investment and hospitality management company with over $15 billion of assets under management and a global portfolio of more than 400 hotels spanning North America, Europe, the Caribbean, and Latin America.
With a 30-year track record as an innovator in the hospitality industry, this forward-thinking company provides expert guidance through all stages of the property cycle, from planning and development through recapitalization or disposition. Highgate continues to demonstrate success in developing a diverse portfolio of bespoke lifestyle hotel brands, legacy brands, and independent hotels and resorts, featuring contemporary programming and digital acumen. The company utilizes industry-leading revenue management tools that efficiently identify and predict evolving market dynamics to drive outperformance and maximize asset value.
Highgate, with an executive team of seasoned hospitality leaders and corporate offices worldwide, is a trusted partner for top ownership groups and major hotel brands. www.highgate.com
About InterContinental Hotels & Resorts
InterContinental is the world’s first and largest luxury hotel brand with over 230 hotels, representing 74,728 rooms spanning more than 70 countries around the world. Founded by Pan American Airways Founder, Juan Trippe in 1946, InterContinental is guided by the belief in the power of travel to expand the mind and connect cultures.
Opening doors to a ‘world of fascination’, InterContinental is reimagining the luxury travel experience with the modern luxury traveller at its heart. Striking a harmonious balance between freedom and familiarity, InterContinental focuses on satisfying a guests’ yearning for knowledge and culturally rich experiences, building on its heritage as a beacon of approachable luxury travel.
About Monroe Capital
Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 12 locations throughout the United States, Middle East, Asia and Australia.
Monroe has been recognized by both its peers and investors with various awards including GrowthCap Advisory’s 2025 Top Private Credit Firm List; Inc.’s 2025 Founder-Friendly Investors List; DealCatalyst as the 2025 Most Innovative Private Credit CLO Manager of the Year; Private Debt Investor as the 2024 Lower Mid-Market Lender of the Year, Americas and 2023 Lower Mid-Market Lender of the Decade; Global M&A Network as the 2024 Lower Mid-Markets Lender of the Year, Americas; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.