INVESTMENT
perceives to be a rising tide. He does bemoan the decrease in foreign travel into the city, the result of several factors, including global challenges, stricter federal policies and heightened security concerns. In 2025, international visitation declined 3.2 % yearover-year to 12.5 million visitors, according to destination marketing organization NYC Tourism + Conventions. However, it’ s expected to be back up this year, rebounding to 2024 levels at 12.9 million visitors and partly due to the 2026 FIFA World Cup.
Gencom has been a voracious buyer of assets in recent times and, whether luck or skill, has picked the right spots.“ We might have picked a bottom. Everything that we acquired has been moving up quite significantly,” Alibhai said. Consider the Thompson: In the first year of its acquisition of the property, net operating income more than doubled, Alibhai said. His enthusiasm around New York is coupled with what he described as an office leasing space that is
Gencom is part of the $ 1.6-billion-dollar Miami Riverbridge project, which includes a 600-plusroom Hyatt Regency.
“ back on track” after years of doldrums. According to a recent report from real estate advisory firm Avison Young, Manhattan office leasing activity reached 10.5 million square feet in Q2 2026, matching Q1’ s pace and keeping the market on track for its strongest year since 2019. Availability fell to 14.1 %, its lowest level since 2020.“ It all means that people aren’ t leaving the city,” Alibhai said.
FURTHER AFIELD It’ s not just New York where Gencom is making a mark. In March of last year, the company acquired The Ritz-Carlton, New Orleans and the Courtyard by Marriott French Quarter Iberville, a combined 758- room hotel portfolio in the city’ s French Quarter. At the time of the deal, Alibhai called New Orleans“ a compelling market for luxury hospitality.” It also marked Gencom’ s 10th project under the Ritz-Carlton brand, following the opening of Nekajui, a Ritz- Carlton Reserve in Costa Rica.
Later in the year, Gencom ended up reacquiring a majority interest in the 115- room The Ritz-Carlton Coconut Grove, Miami. And not far away, Gencom put $ 100 million toward a renovation of The Ritz- Carlton Key Biscayne, Miami.
Unlike private equity whose deal timelines and horizons are typically shorter, Gencom is a long-term investor— searching out deals below replacement cost and investing capital to upgrade the facilities, which, in turn, allows for higher rate ceilings and better ROI when— or if— it decides to divest.“ We don’ t have the pressure of three-year IRR goals. We underwrite 10-year goals,” he told an audience at the Hunter Conference in Atlanta earlier this year. In fact, two of Gencom’ s hotels— The Ritz-Carlton Key Biscayne, Miami and The Ritz-Carlton, Bachelor Gulch in Colorado— it’ s owned for more than 20 years.“ They continue to be home runs,” Alibhai said.
Gencom’ s investment strategy isn’ t only on the domestic U. S. It owns two hotels in Bermuda— the Rosewood and Fairmont Southampton— and a hotel in Costa Rica within Auberge Collection. Last month, a report surfaced that Gencom is in discussions to acquire the Rosewood London located in the Holborn neighborhood for approximately $ 400 million. Though Alibhai is reluctant to show his hand, he told HOTELS that Gencom has a“ major asset” under agreement that it will announce within the next 30 days.
Beyond London, Alibhai said it bid on an asset in Madrid and is currently working on a small portfolio of assets in Rome.
INVESTMENT ETHOS Gencom’ s European interest is not an aberration but a logical step via its ownership stake in Pyramid Global Hospitality, which formed in 2021 via a merger between Benchmark and Pyramid Hotel Group. In 2024, Pyramid Global Hospitality merged the company’ s European division, Hamilton Pyramid Europe, with Axiom Hospitality,
18 hotelsmag. com Oct / Nov 2026