Two decades ago, when I first moved to New Jersey, I was repeatedly warned to avoid taking the bus on my commute into Manhattan because it would mean going through the Port Authority Bus Terminal. Dark, dank, and dated, not much has changed since then, despite connecting millions of commuters and travelers to the city's sprawling network of airports, subways, and train stations.
$7.5 Billion Luxury Hotel Portfolio: Inside Gencom's Strategy
29.01.2024 - 06:23 / skift.com / Carlton Reserve / Sean Oneill
Karim Alibhai knows better than most how to make luxury hotels profitable. He’s the founder and top boss of Gencom, which has owned, part-owned, or developed 8 Ritz-Carltons and 150 hotels under other brands over three decades.
Gencom’s traction is notable, given how tricky it is to get the economics right in luxury hotel deals and development.
Yet Gencom has defied the averages with its portfolio worth about $7.5 billion.
Last week, Gencom acquired majority ownership in The Ritz-Carlton Key Biscayne resort in Miami for an unpublicized sum.
This November, Gencom will open Nekajui, a Ritz-Carlton Reserve, in Costa Rica, as a luxury mixed-use complex being built ground-up across 1,400 acres.
Last July, Miami officials okayed Gencom’s and Hyatt’s plan for a billion-dollar development project — with construction set to start next year.
Alibhai has pushed the major luxury brands to give Gencom some leeway to fine-tune development and operation.
Alibhai, 59, was one of the first, in the late 1990s, to recognize the value of pairing luxury hotels and residential development.
Alibhai works hard to sustain an organizational culture that emphasizes hustle and humility.
Experts note that the best-reviewed and the most lucrative luxury and ultra-luxury hotels tend to be owner-operated. What’s notable about Gencom is that it has to work with third-party managers to get the results it wants.
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