Gencom acquires dual Marriott hotels in New Orleans
Miami-based Gencom is led by Founder and Principal Karim Alibhai
Investment firm Gencom recently acquired the 758-key Ritz-Carlton, New Orleans and Courtyard New Orleans French Quarter/Iberville. Pictured is The Ritz-Carlton, New Orleans.
Vishnu Rageev R is a journalist with more than 15 years of experience in business journalism. Before joining Asian Media Group in 2022, he worked with BW Businessworld, IMAGES Group, exchange4media Group, DC Books, and Dhanam Publications in India. His coverage includes industry analysis, market trends and corporate developments, focusing on retail, real estate and hospitality. As a senior journalist with Asian Hospitality, he covers the U.S. hospitality industry. He is from Kerala, a state in South India.
Gencom Enhances New Orleans’ Luxury Scene with Dual Hotel Buy
GENCOM, A U.S.-BASED real estate investment and development firm, recently acquired The Ritz-Carlton New Orleans and the Courtyard New Orleans French Quarter/Iberville, a 758-key, two-hotel portfolio in New Orleans’ French Quarter in Louisiana. The Miami-based firm is led by founder and principal Karim Alibhai.
Chicago-based Monroe Capital provided financing for the acquisition, while New York-based Eastdil Secured represented both parties in the transaction, Gencom said in a statement.
“We continue to build on our legacy of investing in and enhancing hospitality assets with this acquisition, expanding our presence in this key destination,” Alibhai said. “New Orleans is a strong market for luxury hospitality, and we look forward to bringing our expertise to further elevate these properties. We are excited to work with Marriott to ensure The Ritz-Carlton, New Orleans, and Courtyard French Quarter continue delivering exceptional guest experiences.”
The Ritz-Carlton on Canal Street has 528 rooms and suites, more than 48,000 square feet of event space, a fitness center, an indoor pool and a 25,000-square-foot spa, the largest in the city, the statement said. The adjacent 230-key Courtyard hotel is near Bourbon Street, Caesars Superdome and the Ernest N. Morial Convention Center.
“This acquisition is especially meaningful as it marks Gencom’s 10th Ritz-Carlton-branded project, following the recent opening of Nekajui, a Ritz-Carlton Reserve in Costa Rica," Alibhai said. "We are proud to have built and maintained a long-standing relationship with the Ritz-Carlton brand through both development and acquisitions.”
Both hotels recently underwent multi-year renovations, the statement said.
The Ritz-Carlton upgraded guestrooms and public areas, including a $15 million refurbishment of its Maison Orleans Club Level, while the Courtyard modernized all guest rooms and public spaces.
“As Gencom continues acquiring and developing luxury hotel assets in key U.S. destinations, this acquisition strategically expands our presence in the dynamic New Orleans market,” said Alessandro Colantonio, Gencom’s chief investment officer. “With its rich cultural heritage and strong tourism sector, New Orleans offers a unique long-term investment opportunity. The renovations and prime locations of both properties further strengthen their positioning as top-tier hospitality assets.”
Founded more than 40 years ago, Gencom manages nearly $8 billion in assets, with 23 owned properties totaling more than 7,000 rooms worldwide. Through its affiliate Pyramid Global Hospitality, it oversees 240 properties in more than 40 locations, totaling 50,000 keys.
Alibhai founded Gencom in 1987 after working at his family’s Best Western in Houston, where he finished college. Born in Kenya, his family had lived there for generations after leaving India.
Helped by Mardi Gras, New Orleans reported the second-highest gains in ADR, up 20.5 percent to $224.46, and RevPAR, up 17.2 percent to $162.86, during the week ending March 8, according to CoStar. However, occupancy declined 2.7 percent to 72.6 percent.
Comfort Inn International Dr., a six-story, 112-room hotel in Orlando, sold for $10.49 million.
Kabani Hotel Group, led by CEO Ahmed Kabani, brokered the deal—their third Orlando sale this year.
The hotel is near Disney World, Universal, ICON Park and the convention center.
COMFORT INN INTERNATIONAL Drive in Orlando, a six-story, 112-room property, was recently sold for $10.49 million, reflecting a price per key of $93,660 and a room revenue multiplier of more than four times. Kabani Hotel Group brokered the deal, led by CEO and founder Ahmed Kabani, with partners Suraj Dalal and Kian McLean.
The property is located in an Orlando submarket near Disney World, Universal Orlando, ICON Park, and the Orange County Convention Center, the statement said.
Dalal said this was their third hotel sale in Orlando this year.
“We know the Orlando market well, especially International Drive,” he said.
This marks Kabani Hotel Group’s 12th hotel transaction of 2025 and reflects its activity as an advisor in Florida’s hospitality investment market.
Kabani secured a buyer and closed the deal with defeasance of an existing CMBS loan, as the new owner plans renovations to improve operations and meet local tourism demand, the company said in a statement.
“Our team takes pride in navigating complex transactions, and this closing shows how we add value through execution,” said Kabani. “We’re pleased to have delivered a strong outcome for our client and look forward to the new ownership’s success in this high-demand market.”
“This transaction is a clear example of how critical buyer relationships are in today’s challenging capital markets environment,” said McLean. “From managing the defeasance process to keeping the deal on track through shifting financing terms, we identified and secured a buyer with the strength and certainty to close, showcasing the depth of our investor network and execution capabilities.”
Separately, Kabani brokered the $7.91 million sale of the 147-room Wyndham Garden Tallahassee Capitol in Florida at $53,844 per key.
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Sagemont Hotels opened the five-story, 128-key Homewood Suites in Fremont, California.
Offers studio, one-bedroom and two-bedroom suites.
Located 12 miles from San Jose Mineta International Airport.
Homewood Suites by Hilton Fremont is now open in Fremont, California. The five-story, 128-key property is operated by Sagemont Hotels, led by President and CEO Hiral Patel.
The hotel is near Levi Stadium, the University of California Berkeley, Stanford University, Cal State East Bay and Mission Peak Regional Preserve, Sagemont said in a statement. It is 12 miles from San Jose Mineta International Airport.
“We are thrilled to celebrate the opening of Homewood Suites Fremont with the Fremont community,” said Ajay Raman, Sagemont’s president of operations. “This dynamic city, known for its innovation, diversity and community spirit, provides the perfect backdrop for our newest property. We’re confident that Homewood Suites will enhance the experience for Fremont’s visitors while contributing to the continued growth and vitality of the local economy. We look forward to the lasting memories this hotel will help create for all who walk through its doors.”
The property features studio, one-bedroom and two-bedroom suites, the statement said. The property includes a swimming pool, fitness center, EV charging stations, covered lower-level parking, an outdoor patio with a fire pit and 600 square feet of meeting space for up to 40 people.
In May, Whitestone Capital, a division of Whitestone Cos. led by CEO Jay Batra, reopened the dual-branded Hilton Garden Inn and Homewood Suites in Colorado Springs, Colorado.
WYNDHAM GARDEN TALLAHASSEE Capitol, a 147-room hotel in Tallahassee, Florida, was recently sold for $7.91 million, or $53,844 per key. Kabani Hotel Group brokered the deal, led by CEO and founder Ahmed Kabani, with partners Suraj Dalal and Kian McLean.
The asset, encumbered by a CMBS loan, required defeasance to complete the sale, Kabani said in a statement. Despite negative cash flow, the hotel sold at a 2.72x room revenue multiplier, reflecting investor confidence in the market’s long-term potential.
“We are confident the new ownership will thrive in this location,” said Kabani. “Despite a challenging financing environment and interest rate headwinds, the right buyer was identified and secured new financing after the loan defeasance process.”
Dalal said the deal was challenging, involving CMBS loan defeasance, leasehold transfer, limited debt availability and multiple failed sale attempts.
“As our 11th hotel closing in 2025, we leveraged our deal history and investor relationships to bring this to a successful close,” he said.
Tallahassee, Florida’s state capital and the property’s location, remains a steady hospitality investment market driven by government, education and healthcare. More than 70,000 students attend Florida State University, Florida A&M University and Tallahassee Community College. Demand also comes from the state capital, legal sector and medical institutions such as Tallahassee Memorial HealthCare. Projects like the Heel District signal continued economic and infrastructure activity.
“This transaction tested the depth of our buyer network,” said McLean. “Given the challenges—from CMBS defeasance to a leasehold structure and negative cash flow—only a highly qualified, motivated buyer could get this to the finish line. That we sourced such a buyer speaks to the reach and strength of our investor relationships.”
In May, Kabani brokered the $3.75 million sale of the 49-room Travelodge Fort Myers Airport in Fort Myers, Florida.
Courtyard by Marriott San Bernardino Loma Linda is now open in Loma Linda, California. The 125-room hotel is operated by Sagemont Hotels, led by President Hiral Patel.
The hotel is near Loma Linda University Health, Loma Linda University School of Public Health, Jerry L. Pettis Memorial Veterans Hospital, San Bernardino National Forest and San Bernardino Industrial Park, according to a statement. It is also near Redlands Industrial Park, University of Redlands and California State University, San Bernardino.
“On behalf of the city, I am pleased to welcome the Courtyard by Marriott San Bernardino Loma Linda to our community,” said Phil Dupper, mayor of Loma Linda. “Loma Linda is known for its commitment to health, hospitality and harmony and the hotel’s arrival adds to the spirit of excellence we strive for. We’re excited to see the positive impact on our local economy, our visitors, and the continued growth of our city.”
The 4-story hotel includes a fitness center and 594 square feet of meeting space for up to 20 people.
Red Roof Inn Sanford recently opened in Sanford, North Carolina, after a $1.3 million renovation.
Red Roof Inn Sanford is now open in Sanford, North Carolina. The 122-room property, owned by Jay Dan Gigev 2501 LLC led by Raviraj Viradiya, recently completed a $1.3 million renovation.
The hotel is near downtown Sanford, Central Carolina Community College, Devils Ridge Motocross, Raven Rock State Park, Aloha Safari Park, Jordan Lake State Recreation Area, the Railroad House Museum, Temple Theatre, Hugger Mugger Brewing Company, Sanford Antique Mall and the Mural Art Trail. Fayetteville Regional Airport and Raleigh-Durham International Airport also are nearby.
The hotel has an outdoor pool and is pet friendly.
Zack Gharib, Red Roof’s president, recently said the company is focusing on strategic investments in people and technology to advance the brand amid challenges.