Investor trio acquires InterContinental New York Times Square hotel

Group 1 - Gencom has acquired the InterContinental New York Times Square hotel for $230 million, marking its second hotel acquisition in New York City in 18 months, reflecting confidence in the market's long-term strength [3][6]. - The acquisition involves a transition from IHG management to an IHG franchise, with Highgate taking over management responsibilities and plans for renovations to enhance guest experience [6]. - The luxury hotel segment has shown significant growth, with Manhattan's overall RevPAR increasing by 7.1% year over year in the first half of 2025, driven by luxury hotels which experienced a 10.1% increase in RevPAR [4][6]. Group 2 - Argent Ventures and Highgate are optimistic about New York City's hospitality market, recently collaborating on converting the Crowne Plaza Times Square into the Hyatt Regency Times Square [5]. - Executives indicate that despite wealth bifurcation in the hotel industry, luxury assets are expected to present top investment opportunities in 2026 [6].