The Ritz-Carlton, New Orleans hotel and its neighboring Courtyard by Marriott New Orleans French Quarter/Iberville are under new ownership. Gencom, a Miami-based investment firm that owns, operates, and develops luxury real estate, has acquired the 758-key hospitality portfolio comprised of two conn ected hotel properties situated in the New Orleans French Quarter. The sales price was not disclosed. The acquisition was financed by Monroe Capital, with Eastdil Secured representing both the seller in the sale and the buyer in the acquisition financing. The Gencom portfolio is comprised of nearly $8 billion in assets under management. In New Orleans, Gencom owns the Bourbon Orleans Hotel. Gencom also owns nearly a dozen Ritz-Carlton hotels across the nation, along with a portfolio of globally recognized hospitality brands, such as St. Regis Hotels & Resorts, Four Seasons, Rosewood, Andaz, Thompson, Fairmont, and Auberge Resorts. The Ritz-Carlton and Courtyard by Marriott are among the 30 Marriott hotel brands, and a Gencom leader said the two-asset acquisition strengthens Gencom’s existing relationship with Marriott International. “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 of 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.” The iconic Ritz-Carlton, which opened in 2000 in the former Maison Blanche building on Canal Street, features 528 hotel rooms and suites and more than 48,000 square feet of premier event space, a fitness center, an indoor swimming pool, and the city’s largest world-class spa at 25,000 square feet. The property is also home to the Davenport Lounge and restaurant M Bistro. “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,” said Alibhai. “We are proud to have built and maintain a long-standing relationship with the Ritz-Carlton brand through both development and acquisitions.” The adjacent 230-key Courtyard by Marriott French Quarter/Iberville is positioned within walking distance of Bourbon Street, the Caesars Superdome, and the New Orleans Ernest N. Morial Convention Center. Together, the hotels take up an entire city block in the French Quarter. Both hotels have recently undergone transformative multi-year renovations. The Ritz-Carlton New Orleans received a significant refurbishment which enhanced guest rooms and public areas, including a $15 million upgrade to its Maison Orleans Club Level. The Courtyard by Marriott French Quarter/Iberville also underwent a renovation, modernizing all guest accommodations and public spaces. In September 2024, Gencom completed another major acquisition purchasing the 587-key Thompson Central Park, marking the firm’s entrance into New York City. “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.” ...read more read less