Gencom shells out $320M for Ritz-Carlton Central Park South

Gencom shelled out six figures for The Ritz-Carlton Central Park, adding another trophy to its Manhattan hotel portfolio. The Miami-based investment firm acquired the 253-key luxury hotel at 50 Central Park South for about $320 million from Westbrook Partners, a source with knowledge of the deal said. Property records show a sale price of $270 million, but that figure does not typically include fixtures and non-real estate assets.  Banco Inbursa provided a $235 million loan for the acquisition, according to property records. The Mexican lender assumed the debt from KeyBank, which had originated the financing. Before the assumption, the loan […] This article originally appeared on The Real Deal. Click here to read the full story.