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.
Spark acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey.
Hunter Hotel Advisors facilitated the transaction with DC Hospitality Group affiliates.
The 2020-built hotel is near William Paterson University and less than 20 miles from Manhattan.
SPARK GHC RECENTLY acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey, from affiliates of DC Hospitality Group. Hunter Hotel Advisors facilitated the deal for an undisclosed amount.
The 2020-built hotel is less than 20 miles from Manhattan in a commercial corridor with major employers including Driscoll Foods, FedEx Group, Advanced Biotech, St. Joseph’s Wayne Hospital, and the Passaic County Administration, Hunter said in a statement. William Paterson University, Willowbrook Mall, and MetLife Stadium are also nearby.
It features an on-site fitness center, business center and indoor pool.
“The Home2 Suites by Hilton Wayne represents the type of asset we target,” said Patel. “Its proximity to major corporate demand generators, higher education institutions, and retail and entertainment venues supports strong performance.”
Hunter’s senior vice presidents, David Perrin and Spencer Davidson, brokered the transaction.
Patel said this is their second transaction with Hunter and praised the process and partnership.
“We look forward to building on the hotel’s recent performance and continuing to deliver guest experiences in the Greater New York City community,” he said.
Northstar Hotels Management recently acquired a 78-key Residence Inn and an 81-key Courtyard near the Jacksonville, Florida, airport.
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Peachtree Group and Paso Robles Hotel Partners opened The Ava Hotel in Paso Robles, California.
Azul Hospitality will manage the 151-room, four-story hotel.
Moore 2 Design developed the interior design for the property.
THE AVA HOTEL, part of Hilton’s Curio Collection, is now open in Paso Robles, California. The 151-room, four-story hotel is owned by Peachtree Group and Paso Robles Hotel Partners.
“The Ava Hotel is both a destination and a gathering place for Paso Robles,” said Matt Kleefisch, The Ava Hotel’s GM. “Every detail—from the design-forward accommodations to the ingredient-driven menus at EMRE—reflects the warmth, creativity and hospitality that make Paso so special. We wanted to create a place where travelers can immerse themselves in the Central Coast and where locals want to gather. By blending elevated dining, social spaces and design that celebrates the region’s character, The Ava Hotel spotlights Paso Robles as a destination for every kind of guest.”
Atlanta-based Peachtree, is led by Greg Friedman, managing principal and CEO, Jatin Desai, managing principal and CFO, and Mitul Patel, principal. Paso Robles Hotel Partners is a joint venture between Peachtree and Verakin Capital, a San Mateo firm led by Rupesh Patel, Bimal Patel and Hiten Suraj.
Moore 2 Design developed the hotel’s the interior design, the statement said. Pegasus Architects created the exterior façade and Arris Studio Architects produced the construction drawings. Studio Sinclair and HBA designed the property to reflect Paso Robles’ heritage and growth as a cultural and culinary destination.
The hotel offers standard rooms—single king, double queen and double king—and upgraded rooms with Juliet balconies or pool patio decks with direct access to the rooftop saltwater pool. One-bedroom and double queen suites include 1.5 bathrooms and living areas with fireplaces, powder rooms and sofa sleepers.
Peachtree Group, Woodbine Development Corp. and DD Partners LLC opened the Embassy Suites by Hilton Gulf Shores Beach Resort on Alabama’s Gulf Coast.
NewcrestImage acquired the 176-key, five-story NYLO Dallas Plano in Dallas.
The boutique property is in the 2,600-acre Legacy District business park.
It will be renovated and rebranded under Hilton’s Tapestry Collection.
NEWCRESTIMAGE RECENTLY ACQUIRED the 176-key, five-story NYLO Dallas Plano in Dallas. The company plans to renovate and rebrand it within the Tapestry Collection.
The boutique property in the 2,600-acre Legacy District business park includes indoor and outdoor event venues, including a 4,000-square feet patio around a heated pool.
This follows its 2024 purchase of NYLO Providence Warwick in Rhode Island, rebranded as The Loom Hotel, NewcrestImage, led by CEO and Managing Partner Mehul Patel, said in a statement.
"This hotel presents a significant new profit opportunity for us and complements our existing holdings," said Patel. "We previously owned five hotels in the Frisco/Plano market, so we are familiar with the area’s metrics for both short- and long-term returns."
In December, NewcrestImage opened the Homewood Suites Parsippany in New Jersey, which it acquired as a 150-unit, five-story building in June 2022 and renovated. Since 2013, the company has completed more than $3 billion in hotel transactions across nearly 300 hotels and 32,000 rooms.
Vision opened the $60 million Embassy Suites by Hilton Chattanooga Downtown in Tennessee.
The company presently owns 44 hotels across the U.S., including 15 in Chattanooga.
It is working with SquareOne Holdings to manage food and beverage operations.
Embassy Suites by Hilton Chattanooga Downtown is now open in Chattanooga, Tennessee. The $60 million hotel, developed by Vision Hospitality Group, features 144 rooms across seven stories in the city’s riverfront district.
This is Vision’s 15th hotel in Chattanooga and one of the largest private downtown investments in more than a decade, the company said in a statement.It is near the Tennessee Aquarium, the Tennessee Valley Railroad Museum, Chattanooga Zoo and the city’s airport. Amenities include an indoor pool, fitness center and meeting rooms.
“This hotel represents our long-standing commitment to our hometown of Chattanooga and our belief in its continued growth,” said Vision’s founder and CEO Mitch Patel. “We’re proud to open our doors and create a space that connects people to the heart of Chattanooga’s riverfront district.”
Vision is working with SquareOne Holdings to manage food and beverage operations and operate the rooftop restaurant and bar, the statement said. The property also includes an indoor pool and 3,000 square feet of meeting space.
Vision presently owns 44 hotels in the U.S. under the Hilton Hotels & Resorts, Marriott International, Hyatt Hotels Corp. and IHGHotels & Resorts brands.The companyrecently held its fourth annual Red Sand Project with WillowBend Farms in Chattanooga to combat human trafficking.
Mahaveer acquired the 46-key AmericInn by Wyndham in Detroit Lakes, Minnesota.
The seller is Thief River Falls, Minnesota–based Cwikla Hospitality LLC.
The hotel, built in 1995 sits on a 3-acre site on U.S. Highway 10.
MAHAVEER LLC, ACQUIRED the 46-key AmericInn by Wyndham Detroit Lakes in Detroit Lakes, Minnesota, from Cwikla Hospitality LLC for an undisclosed price. Marcus & Millichap brokered the property for the buyer.
“After previous marketing efforts by the seller did not result in a sale, we were able to leverage the Marcus & Millichap platform to connect with qualified buyers and renew interest in the property, ultimately bringing the deal to a successful close,” said Brock Banken, Marcus & Millichap investment specialist. “The new ownership plans to renovate guest rooms, common areas and the exterior, and take a hands-on approach to operations to improve performance. With Detroit Lakes’ status as a year-round destination and its strong seasonal demand, the market is well-positioned for continued growth.”
Northstar Hotels Management acquired the 78-key Residence Inn and 81-key Courtyard near Jacksonville, Florida.