A partnership between Gencom, Argent Ventures and Highgate has acquired the InterContinental New York Times Square, a 607-key luxury hotel in Midtown Manhattan.
Standing 34 stories tall, the property will transition from IHG management to an IHG franchise, with Highgate assuming management. The hotel, which currently features approximately 20,000 sq. ft. of flexible meeting space, a signature restaurant, a Shake Shack and a 24-hour fitness center, will also undergo a t renovation of guestrooms, public spaces and dining venues.
Eastdil Secured represented the seller in the sale and the buyer in securing financing. The seller was a joint venture between Tishman and MetLife Investment Management.
Following Gencom’s 2024 acquisition of the Thompson Central Park in New York, this transaction further expands the firm’s New York City presence and marks its first acquisition of an InterContinental Hotels & Resorts-branded property.
“As Gencom’s second hotel acquisition in New York City in the past 18 months, this transaction underscores our confidence in the long-term strength and global appeal of this destination,” said Karim Alibhai, founder/principal, Gencom.
Argent Ventures’ recent acquisition and conversion of the Crowne Plaza Times Square into the Hyatt Regency Times Square, which is also operated by Highgate, underscores the firm’s continued investment in the city’s hospitality landscape and its experience in repositioning branded assets.
This acquisition follows Highgate’s recent investment in the 1,331-room Row NYC, and marks a continuation of the company’s longstanding track record as a leading investor in New York City hospitality real estate.
“Highgate is thrilled to complete another significant investment in New York and to partner with Gencom and Argent Ventures,” said Zach Berger, Highgate principal. “Highgate has invested in New York across multiple cycles and multiple asset classes and remains committed to fielding a best-in-class operating team in the market and delivering exceptional experiences for our guests and leading results for our partners. We are also excited to continue expanding our activities with IHG and to lead this new chapter for the InterContinental New York Times Square.”
The acquisition financing for the transaction was provided by Monroe Capital.
“Monroe is excited to partner on another deal with Gencom, one of the premier high-end hospitality sponsors globally,” said Kyle Asher, managing director & co-head, alternative credit solutions, Monroe Capital. “In addition, Monroe is pleased to complete a transaction with two additional blue-chip sponsors, Argent and Highgate.”
