NEWS
NEW YORK STATE OF MIND
TRIO OF INVESTORS BET BIG ON THE BIG APPLE WITH INTERCONTINENTAL TIMES SQUARE BUY.
By DAVID EISEN
Penthouse living room at the InterContinental New York Times Square. Photo credit: InterContinental New York Times Square
It’ s a hotel deal made in Manhattan. In a sign of confidence in the New
York hotel market, three investment groups with strong local knowledge— Gencom, Argent Ventures and Highgate— have partnered to acquire the 607-room, 34-story InterContinental New York Times Square for a reported $ 230 million or just shy of $ 379,000 per key.
The seller was a joint venture between Tishman and MetLife Investment Management. An anticipated deal was first reported back in September by Bloomberg.
As part of the deal, IHG will relinquish management of the hotel, which will now be operated under a franchise agreement by Highgate, one of the largest hotel operators in New York City.
The property includes roughly 20,000 square feet of flexible meeting space, a signature restaurant, a Shake Shack and a 24-hour fitness center. Plans are in place for a renovation of guestrooms, public areas, and dining venues to enhance the guest experience.
The deal represents Gencom’ s second hotel buy in New York City in the past 18 months, following its 2024 acquisition of Thompson Central Park.“ This transaction underscores our confidence in the longterm 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.”
Gencom is a major investor in upperupscale and luxury hotels. Beyond its Thompson acquisition, Gencom has been fairly active in the preceding months. In March, it acquired The Ritz-Carlton, New Orleans and the Courtyard by Marriott French Quarter Iberville, a combined 758 rooms. In 2023, it acquired The St. Regis Chicago.
Alibhai founded Gencom in 1987, and in its nascent years, the firm focused on the limited-service, full-service and extendedstay segments. It pivoted into luxury and branded residential in the late 1990s, with successful investments in such assets as The Ritz-Carlton, Key Biscayne, The Ritz- Carlton Philadelphia and The Ritz-Carlton, Bachelor Gulch in Colorado. Since then, it’ s put together a formidable portfolio that includes other luxury hotels such as Four Seasons Papagayo in Costa Rica and Rosewood and Fairmont properties in Bermuda. It has more than $ 8 billion in
72 hotelsmag. com Jan / Feb 2026