Gencom comes for NYC’s luxury hotel crown

Gencom planted another flag along Central Park South. The Miami-based investor paid about $320 million for the 253-key Ritz-Carlton Central Park South at 50 Central Park South, adding a third Manhattan hotel to a rapidly expanding local portfolio.  Property records show a $270 million transfer price, though that figure excludes fixtures and other non-real estate assets. Banco Inbursa provided a $235 million acquisition loan, assuming and upsizing debt originally issued by KeyBank. The seller, Westbrook Partners, had owned a stake in the property since 2012, when it paid $105 million for an interest from Millennium Partners. The deal pushes Gencom […] This article originally appeared on The Real Deal. Click here to read the full story.