Gencom pays $308M for Thompson Hotel in New York debut 

Miami-based firm’s first Big Apple hotel purchase included $230M acquisition loan

Gencom Buys Thompson Hotel in Midtown for $308M
Gencom’s Karim Alibhai and 119 West 56th Street (Gencom, Google Maps, Getty)

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.

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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.

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