Manuel Lao buys the Ritz-Carlton Hotel in Central Park

BarcelonaA change of hands has occurred at one of New York's most luxurious hotels. Manuel Lao, through his holding company Nortia Capital, has acquired The Ritz-Carlton Hotel in Central Park. The purchase, for an undisclosed sum, was made in partnership with the Mazabi fund and the private banking firm Panghea Capital, both based in Madrid. With this acquisition, the Spanish consortium now holds a 45% stake in the hotel, a share previously owned by South Korea's sovereign wealth fund, the Korea Investment Corporation. The hotel will be managed by the investment group Gencom, which has acquired the remaining capital, and will retain the premium Ritz-Carlton brand. For Nortia's president, Manuel Lao, this acquisition "represents a significant step" in his company's strategy. family office. "It's an exceptional asset, both for its location and its operational strength. We are very pleased to carry out this transaction with partners with whom we share a long-term vision," remarked Lao, the third richest man in Catalonia and former owner of Cirsa, which he sold to the American giant Blackstone for more than 2 billion euros. Nortia has stakes in Merlin and Sacyr, real estate investments such as the building on Passeig de Gràcia in Barcelona that houses Casa Seat, and the Pulitzer hotels. It also acquired casinos and resorts in Latin America, which did not sell to Blackstone.

For Mazabi, the Ritz-Carlton deal is his second purchase in New York in just a few weeks, following his acquisition of a 25% stake in the InterContinental New York Times Square Hotel. That transaction was also carried out through Panghea Capital, a private banking firm founded by former Citi bankers that manages the Lao family's wealth.

A €33.5 million renovation

The hotel is located in the heart of the upscale Billionaire's Row neighborhood, one of the most coveted locations in the world. Situated at the intersection of Central Park South and Sixth Avenue, it boasts 253 rooms in a 30-plus-story skyscraper offering views of the park and the American skyline. The new owners plan to invest $40 million (approximately €33.5 million at the current exchange rate) to reposition the hotel. With the renovations, its market value is estimated to exceed $500 million (approximately €419.5 million).