Family office capital is increasingly driving large-scale US hospitality transactions, with more than half of the equity behind Gencom’s latest New York acquisitions sourced from wealthy families, Bloomberg reported.

The Miami-based real estate investor and operator has acquired two luxury Manhattan hotels in the past four months. In December, Gencom purchased the InterContinental New York Times Square alongside Highgate and Argent Ventures. Earlier this month, it acquired the Ritz-Carlton in Manhattan for an undisclosed amount.

Historically, family offices represented roughly 20% of Gencom’s capital base. However, recent deals were primarily funded by this investor segment following a partnership with White Bridge Capital, a Miami-based advisory firm serving affluent families from Latin America and Europe.

White Bridge was founded by former Citigroup private banking executive Tommy Campbell and former Blackstone executive Regina Garcia Handal. The firm has provided capital commitments enabling Gencom to move quickly on acquisitions.

“It allows us to focus more on where we create value, which is the buy and the business plan,” Alessandro Colantonio, Gencom’s Chief Investment Officer, said in an interview cited by Bloomberg. He added: “We’ve always looked to see how can we return two times the capital within three, four years, and then you’re really letting the appreciation come in and hit that multiple on an exit. Family office-type investors value that multiple of capital more than a quick” rate of return.

Gencom, founded around 40 years ago, manages nearly $8bn in assets across 23 properties globally. The firm operates more than 6,000 hotel rooms worldwide.

The transactions underscore the growing role of family offices as direct capital providers in private market real estate deals, particularly in luxury hospitality assets located in gateway cities.

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