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Dive Brief:
Global real estate investment and development firm Gencom acquired the 587-key Thompson Central Park Hotel in New York City, entering “one of the world’s top hospitality markets,” Chief Investment Officer Alessandro Colantonio said in a release obtained by Hotel Dive. 

The 42-story hotel sits along Manhattan’s Billionaires’ Row just south of Central Park and includes updated amenities and dining concepts following a comprehensive renovation in 2021, according to Gencom. The property is part of Hyatt’s luxury lifestyle Thompson Hotels brand. 

With the acquisition, Gencom diversifies its portfolio and strengthens its existing relationship with Hyatt Hotels Corp., Gencom Founder and Principal Karim Alibhai said in a statement. The deal marks another notable U.S. hotel transaction as investment activity in urban markets ramps up across the industry.