Nortia and Mazabi, alongside Gencom, acquire The Ritz-Carlton Central Park.
The companies will invest €34 million in renovations and expect the property to reach a value of €420 million upon completion.
Nortia, the investment vehicle of Manuel Lao, and Mazabi, a firm specialized in family office wealth management, have teamed up to acquire a trophy asset—an iconic building distinguished by its prime location, unique features, or high-profile tenants—in New York.
In partnership with Panghea and White Bridge Capital, the companies have acquired a 45% stake in The Ritz-Carlton Central Park, a five-star hotel renowned for its stunning views of Central Park. Gencom, an investment group specializing in luxury hotels and resorts, has purchased the remaining 55% stake and will oversee the overall management of the project.
Following the acquisition, the new owners plan to invest $40 million (around €34 million) in refurbishing and renovating the asset. They estimate its market value will reach approximately $500 million (€420 million) once the works are completed.
The 30-plus story building, which houses the 253-room hotel, is located at the intersection of Central Park South and Sixth Avenue. Although the total financial terms of the deal have not been disclosed, Westbrook Partners and South Korea’s sovereign wealth fund (Korea Investment Corp), the hotel’s previous owners, were seeking $400 million when they put it up for sale in 2024—equivalent to roughly €1.6 million per room.
The Ritz-Carlton New York, Central Park
Rates at the hotel, which operates under a long-term management contract with Ritz-Carlton (a subsidiary of Marriott International), start at $1,300 per night for standard rooms. Rates for the most luxurious accommodations, such as the Royal or Presidential suites, approach $37,000 per night.
For Nortia, this investment reinforces its commitment to the hospitality sector, where it has been active for five years through a joint venture with Grupo Pulitzer—owned by the Roig family—featuring properties in France and Spain. Nortia also owns the Don Cándido hotel in Terrassa (Barcelona).
Manuel Lao’s vehicle, which is the second-largest shareholder in Merlin Properties (behind only Santander), has also invested in renewable energy, foodtech, infrastructure, defense, and sustainability.
Manuel Lao, Chairman of Nortia Capital, stated that this acquisition “represents a significant step forward” in their strategy to invest in prime real estate assets with high value-creation potential.
For Mazabi, this transaction marks its second acquisition in New York in just a few weeks. Also in partnership with Panghea Capital and local partners, the firm invested last month in the InterContinental New York Times Square hotel.
Founded in 2009, Mazabi manages approximately €1.6 billion for 40 investment groups across 14 countries. Hotels have been one of its primary focus areas in recent years.
“These types of initiatives allow us to continue deepening our presence in the hospitality segment within prime international markets, while advancing a model focused on revenue generation and the progressive reduction of external debt,” noted Juan Antonio Gutiérrez, CEO of Mazabi.
