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3d ago

Gencom, Argent Ventures and Highgate Buy InterContinental New York Times Square

The plan shifts the hotel to an IHG franchise under Highgate, paired with a full renovation to reposition the asset.

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Photo Credit: InterContinental New York Times Square
The acquisition of the InterContinental New York Times Square hotel marks Gencom’s first InterContinental-branded hotel and follows its recent Thompson Central Park acquisition in 2024. Highgate will assume management of the property.

Overview

  • The 607-room luxury property in Midtown Manhattan was acquired by a partnership of Gencom, Argent Ventures and Highgate.
  • Highgate will assume operations as the hotel moves from IHG management to an IHG franchise agreement.
  • The new owners announced extensive upgrades to guestrooms, public spaces and dining venues.
  • Monroe Capital provided the acquisition financing, and Eastdil Secured represented the seller and assisted the buyers in securing financing.
  • The seller was a joint venture of Tishman and MetLife Investment Management, and the transaction builds on sponsors’ recent New York activity including Gencom’s second city purchase in 18 months and Argent’s Crowne Plaza–to–Hyatt conversion.