A member of the Gencom family of companies has acquired an ownership interest in Gemstone Hotels & Resorts, a Park City, Utah-based management company that specializes in luxury and upscale urban hotels and resorts. Gemstone will become the preferred management company for future acquisitions by Gencom that do not contractually require management by the brand.
Gencom is one of the largest owners of Ritz-Carlton properties and has owned assets under multiple brands including Marriott, Hyatt, Wyndham, Hilton, IHG, Starwood and Carlson.
“Having their operational expertise aligns perfectly with our growth goals,” said Karim Alibhai, founder of Gencom. “We are now better positioned to transact acquisitions in these asset classes quickly and implement cost-effective operations.”
“At this point in the hospitality cycle, with hotels transacting at a lightning pace, owner-operators are in the enviable position of having numerous opportunities to acquire new contracts,” said Thomas Prins, Gemstone’s principal. “Gencom brings a strong list of strategic relationships for both debt and equity into the ownership side of the equation. This new relationship is an ideal match where each party’s strengths complement the other’s.”
In aligning the two companies, Gemstone will open a Miami office.