A partnership between Gencom—a U.S.-based investment firm that owns, operates and develops real estate around the world—real estate investment and development firm Argent Ventures and hotel management, investment and development company Highgate, have acquired the 607-room InterContinental New York Times Square in New York City. The property was sold by a joint venture between Tishman and MetLife Investment Management. Eastdil Secured represented the seller on the sale as well as the buyer in securing financing.
The property will transition from IHG management to an IHG franchise, with Highgate assuming management. The hotel, which currently has approximately 20,000 square feet of 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 the company’s first acquisition of an InterContinental Hotels & Resorts-branded property. The acquisition also 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. Argent Ventures recently acquired and converted the former Crowne Plaza Times Square into the Hyatt Regency Times Square, which is also operated by Highgate.
"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," Karim Alibhai, founder and principal of Gencom, said in a statement. "We look forward to leveraging Gencom's expertise to elevate the property's experience further, blending luxury with the energy and sophistication of Manhattan."
"Highgate is thrilled to complete another significant investment in New York, and to partner with Gencom and Argent Ventures," Principal Zach Berger said. "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 and delivering exceptional experiences for our guests and 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, an asset-management firm specializing in private credit and real estate. “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 The Ritz-Carlton, Four Seasons Hotels and Resorts, St. Regis, Rosewood, Thompson Hotels, Andaz, Fairmont and Auberge Resorts brands.