Investment firm Gencom bought the Ritz-Carlton, New Orleans and Courtyard by Marriott New Orleans French Quarter/Iberville, adding to the company’s presence in the market.
The 528-key Ritz-Carlton and 230-key Courtyard are connected properties within walking distance of Bourbon Street, according to a news release. No sales price was disclosed.
This is a significant acquisition that grows Gencom's footprint in the high-profile destination, Gencom founder and Principal Karim Alibhai said, adding that New Orleans is a compelling market for luxury hospitality. The company also owns The Old No. 77 Hotel & Chandlery in the Warehouse Arts District.
“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,” he said.
The Ritz-Carlton New Orleans has more than 48,000 square feet of event space, a fitness center, indoor swimming pool and a 25,000-square-foot spa. It also features the Davenport Lounge with live jazz performances.
Both properties recently underwent multi-year renovations. The Ritz-Carlton has enhanced guestrooms and public areas, including a roughly $15 million upgrade to its Maison Orleans Club Level. The Courtyard’s renovation modernized its guest accommodations and public spaces as well.
Monroe Capital financed the deal, and Eastdil Secured represented both the seller and Gencom. While Gencom was not able to confirm the identity of the seller, CoStar data shows the most recent owner of both properties as WH Holdings.
“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.”
Despite a difficult transaction environment, Gencom has been an active buyer in recent years. In a November 2024 interview with HNN, Colantonio said his team is constantly looking for opportunities.
“As soon as we close the deal, it’s like, all right, ring the bell and then, what’s next in the pipeline?” he said. “That’s just because we’re all deal junkies, and we love what we do.”
In 2024, Gencom bought the Thompson Central Park for $308 million. Prior to that, it bought the St. Regis Chicago for $93.99 million in May 2023 and the Hyatt Regency Miami Riverbridge for $12.54 million in December 2021. It also recapitalized its Fairmont Southampton resort in Bermuda for $550 million and refinanced the Rosewood Bermuda last year.
Correction, March 26, 2025: This story has been updated to correct the location of the The Old No. 77 Hotel & Chandlery.