Gencom has acquired The Ritz-Carlton, New Orleans and the Courtyard New Orleans French Quarter/Iberville, a 758-key hospitality portfolio consisting of two connected hotels located in the city’s French Quarter.
Considered a city landmark, The Ritz-Carlton New Orleans is located on Canal Street and has 528 rooms and suites. It features more than 48,000 sq. ft. of premier event space, a fitness center, an indoor swimming pool and a 25,000-sq.-ft. spa, considered the largest in New Orleans.
The adjacent 230-key Courtyard hotel is close to Bourbon Street, the Caesars Superdome and the New Orleans Ernest N. Morial Convention Center.
“We continue to build upon our legacy of investing in and enhancing world-class hospitality assets with this significant acquisition that expands our presence in this high-profile destination,” said Karim Alibhai, founder/principal, Gencom. “New Orleans represents a compelling market for luxury hospitality, and we are excited to bring our expertise to further elevate these properties. We look forward to working closely with Marriott to ensure that The Ritz-Carlton, New Orleans and Courtyard French Quarter continue to deliver unparalleled guest experiences.”
He continued,”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. We are proud to have built and maintained a long-standing relationship with the Ritz-Carlton brand through both development and acquisitions.”
Both hotels have recently undergone multi-year renovations. The Ritz-Carlton hotel received a significant refurbishment, which enhanced guestrooms and public areas, including an approximately $15 million upgrade to its Maison Orleans Club Level. The Courtyard property’s renovation modernized all guest accommodations and public spaces.
The acquisition was financed by Monroe Capital, with Eastdil Secured representing both the seller in the sale and the buyer in the acquisition financing.
“As Gencom continues to acquire and develop luxury hotel assets in premier U.S. destinations, this acquisition represents a strategic expansion within the dynamic New Orleans market,” said Alessandro Colantonio, chief investment officer, Gencom. “With its rich cultural heritage and thriving tourism sector, New Orleans presents a unique opportunity for long-term value, and the renovations and prime locations of both properties further enhance their positioning as top-tier hospitality assets.”
