Gencom Buys Thompson Hotel in Midtown for $308M

A Miami-based firm marked its first New York City hotel purchase by picking up the Thompson Central Park Hotel on Billionaires’ Row.

Real estate investment firm Gencom paid $308 million to acquire the 42-story hotel at 119 West 56th Street from GFI Capital Resources Group and Elliott Management. The 587-key hotel, home to famous burger joint Parker’s, will continue to operate under Hyatt as a Thompson-branded hotel.

Ramsfield Hospitality Finance, funds managed by AB CarVal and Affinius Capital, provided a $230 million acquisition loan. The hotel recently underwent a $100 million renovation, according to a press release from the lender.

Eastdil Secured represented the seller in the deal and arranged the financing for Gencom.

The hotel, beneath the luxury condominium development known as One11 Residences at Thompson Central Park, last traded almost five years ago for $420 million. Allen Gross’ GFI and Elliott Management bought the property and brought on architect Thomas Juul-Hansen to design residential condos at the top of the hotel.

The joint venture submitted a condo plan in 2022 that called for 99 residential units, as well as one commercial unit. Sales at the building launched the same year. A 3,000-square-foot duplex penthouse entered contract in February with an asking price just under $17 million.

Gencom has nearly $8 billion in assets under management with 7,000 hotel rooms in operation or planned.

GFI and Elliott did not immediately respond to requests for comment.