Gencom, a U.S.-based investment firm that owns, operates and develops real estate, acquired The Ritz-Carlton, New Orleans and the Courtyard by Marriott New Orleans French Quarter/Iberville, a 758-key hospitality portfolio comprised of two connected hotel properties located in the French Quarter.
Considered a city landmark, The Ritz-Carlton New Orleans is located on the Canal Street and has 528 hotel rooms and suites. The hotel has more than 48,000-square-feet of premier event space, a fitness center, an indoor swimming pool, and a 25,000-square-foot spa, considered the largest in New Orleans.
The adjacent 230-key Courtyard by Marriott French Quarter/Iberville is located within walking distance of 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,” Karim Alibhai, founder and principal of Gencom, said in a statement. “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.”
“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 maintain a long-standing relationship with the Ritz-Carlton brand through both development and acquisitions.”
Both hotels have recently undergone transformative multi-year renovations. The Ritz-Carlton New Orleans received a significant refurbishment which enhanced guestrooms and public areas, including a $15 million upgrade to its Maison Orleans Club Level. The Courtyard by Marriott French Quarter/Iberville also recently underwent a comprehensive renovation, modernizing all guest accommodations and public spaces, to deliver an elevated experience for guests.
The real estate transaction underscores Gencom’s commitment to expanding its hospitality portfolio in key urban markets with high tourism demand and strong economic fundamentals. 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 at 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.”
Last year, Gencom purchased the 587-key Thompson Central Park, marking the firm’s entrance into New York City.