GA_P advises Mazabi on investment in the InterContinental New York Times Square hotel

Gómez-Acebo & Pombo has advised Mazabi, a firm specialising in family office wealth management, on its entry into the New York hotel market through an investment in the InterContinental New York Times Square hotel.

This transaction, structured as a joint venture, involves the acquisition of a 25% stake in a 607-room hotel asset located in Times Square. The asset repositioning plan calls for an additional investment of approximately $30 million for its refurbishment, with an estimated target valuation of up to $425 million once stabilised. As part of the transaction, Highgate will act as operator under an InterContinental franchise model, while Gencom will assume asset and project management functions.

The GA_P was led by Constantino Pérez Salgado and Carolina Posse, partner and associate of the Commercial team, with strategic advice/support from Enrique Isla, partner of the Real Estate team.

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