Dive Brief:
- Global real estate investment and development firm Gencom acquired two Marriott International hotels in New Orleans: the 528-key Ritz-Carlton, New Orleans and the 230-key Courtyard by Marriott New Orleans French Quarter/Iberville. Gencom declined to share the terms of the deal.
- A spokesperson told Hotel Dive that Miami-based Gencom is “committed to strengthening its relationship with Marriott International.” The move marks Gencom’s 10th Ritz-Carlton buy.
- Gencom said the transaction underscores its commitment to expanding in “key urban markets with high tourism demand and strong economic fundamentals.” In addition to its Marriott hotels, Gencom’s expanding hospitality portfolio includes properties under St. Regis Hotels & Resorts, Four Seasons, Rosewood, Andaz, Thompson, Fairmont and Auberge Resorts flags.
Dive Insight:
In a statement, Gencom Founder and Principal Karim Alibhai called New Orleans “a compelling market for luxury hospitality.”
“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 added.
The Ritz-Carlton, New Orleans, situated on historic Canal Street, features more than 48,000 square feet of event space, a fitness center, an indoor swimming pool and a 25,000-square-foot spa — the largest in New Orleans, according to Gencom. The property is also known for its live jazz performance at its Davenport Lounge, as well as restaurant M Bistro, Gencom said.
The adjacent Courtyard by Marriott attracts business and leisure travelers, per Gencom. Both properties are within walking distance of Bourbon Street, the Caesars Superdome and the New Orleans Ernest N. Morial Convention Center.
Additionally, both hotels have recently undergone multiyear renovations. The Ritz-Carlton refurbished its guest rooms and public areas, as well as made a $15 million upgrade to its Maison Orleans Club Level. The Courtyard underwent a comprehensive renovation that modernized its guest rooms and public spaces.
“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,” said Alessandro Colantonio, Gencom’s chief investment officer, in a statement.
In September, Gencom entered NYC’s hospitality market with a $300 million purchase of Hyatt Hotels’ Thompson Central Park Hotel.
Gencom’s portfolio currently includes more than 7,000 hotel rooms globally, in addition to 240 properties through Pyramid Global Hospitality, its third-party management affiliate.
Earlier this year, Accor opened the luxury Fairmont New Orleans one block from the city’s French Quarter.
