MIAMI, Florida—A partnership between Gencom, Argent Ventures, and Highgate introduced the acquisition of the InterContinental New York Occasions Sq., a 607-key luxurious resort located in Midtown Manhattan.
The property will transition from IHG administration to an IHG franchise, with Highgate assuming administration. The resort will even bear an in depth renovation of guestrooms, public areas, and eating venues.
“As Gencom’s second resort acquisition in New York Metropolis previously 18 months, this transaction underscores our confidence within the long-term energy and international enchantment of this vacation spot,” stated Karim Alibhai, founder and principal of Gencom. “We sit up for leveraging Gencom’s experience to raise the property’s expertise additional, mixing luxurious with the vitality and class of Manhattan.”
Argent Ventures’ latest acquisition and conversion of the Crowne Plaza Occasions Sq. into the Hyatt Regency Occasions Sq., which can be operated by Highgate, highlights the agency’s continued funding within the metropolis’s hospitality panorama.
Highgate will assume operational management of the property. This acquisition follows Highgate’s latest funding within the 1,331-room Row NYC.
“Highgate is thrilled to finish one other important funding in New York, and to accomplice with Gencom and Argent Ventures,” stated Zach Berger, principal. “Highgate has invested in New York throughout a number of cycles and a number of asset lessons, and stays dedicated to fielding a best-in-class working group out there and delivering distinctive experiences for our friends and main outcomes for our companions. We’re additionally excited to proceed increasing our actions with IHG, and to steer this new chapter for the InterContinental New York Occasions Sq..”
Transaction Particulars
The acquisition financing for the transaction was supplied by Monroe Capital.
“Monroe is happy to accomplice on one other take care of Gencom, one of many premier high-end hospitality sponsors globally. As well as, Monroe is happy to finish a transaction with two further blue-chip sponsors, Argent and Highgate,” stated Kyle Asher, managing director and co-head different credit score options of Monroe Capital.
Eastdil Secured represented the vendor on the sale in addition to the customer in securing financing. The vendor was a three way partnership between Tishman and MetLife Funding Administration.
