PARK CITY, Utah--(BUSINESS WIRE)--Officials of Gemstone Hotels & Resorts, a full-service hotel management company that specializes in luxury and upscale urban hotels and resorts, today announced that a member of the Gencom family of companies has acquired an ownership interest in the company for an undisclosed sum. Gemstone will become the preferred management company for future acquisitions by the Gencom family of companies that do not contractually require management by the brand.
"We are extremely excited about this transaction. Gemstone represents the best-in-class management in terms of upper upscale and independent hotels and resorts," said Karim Alibhai, founder of Gencom. “Having their operational expertise aligns perfectly with our growth goals. 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."
Jeff McIntyre, Gemstone’s principal, noted that in aligning the two companies, Gemstone will open a Miami office, and that he and Prins will continue to lead the company, overseeing all aspects of the portfolio's operation.
"Gencom and Gemstone are particularly synergistic, each providing unique and defined strengths," McIntyre said. "We are very confident that this will be a rewarding alliance for all concerned, including our existing clients and partners who will benefit from an increasingly robust management platform."
Gencom is a family of companies involved in all aspects of the hospitality industry. Founded in 1987 by Karim Alibhai, the Gencom family of companies has become one of North America’s leading hospitality and luxury hospitality-related residential real estate investment and development firms. For more information about Gencom, please go to www.gencomgrp.com
Headquartered in Park City, Utah, with offices in Stamford, Connecticut, Gemstone is a full-service management company that specializes in luxury and upscale hotels and complex resorts. Gemstone currently manages 19 hotels and resorts throughout the United States. For more information about Gemstone, please go to www.gemstoneresorts.com.