G
encom, a Miami-based real estate investment firm, has made its first foray into the New York City hotel market with the acquisition of the Thompson Central Park Hotel on Billionaires' Row. The 42-story hotel, located at 119 West 56th Street, was purchased from GFI Capital Resources Group and Elliott Management for $308 million. The property features 587 keys, including a famous burger joint called Parker's, and will continue to operate under Hyatt as a Thompson-branded hotel.

    The acquisition loan of $230 million was provided by Ramsfield Hospitality Finance, which is managed by AB CarVal and Affinius Capital. Eastdil Secured represented the seller in the deal and arranged the financing for Gencom. The hotel underwent a $100 million renovation recently, according to a press release from the lender.

    The property is situated beneath the luxury condominium development known as One11 Residences at Thompson Central Park, which was last traded almost five years ago for $420 million. GFI and Elliott Management had previously purchased 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 calling for 99 residential units and one commercial unit, with sales launching the same year.

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