Gencom, an international owner and developer of hospitality and residential properties, today announced the sale of etc.venues, an established leader in urban day conferencing with more than 500,000 square feet of space over 13 venues across London, Birmingham and Manchester and three in New York City. The buyer, Convene, is a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces, offering solutions for innovative organizations.
Four years ago, a Gencom-led partnership acquired an ownership stake in etc.venues, contributing capital to position the company for continued growth, serving as a catalyst for its expansion into the U.S. and navigating challenges presented by the global pandemic that has led to its successful exit from this investment. The completion of this transaction positions Convene as the largest single provider of premium meeting and event venues in the U.S. and UK.
“Gencom’s investment in etc.venues represented a unique opportunity to execute an investment strategy that aligned with our focus on hospitality holdings and operations, while allowing us to gain a stake in the growing meetings and events space sector,” said Gencom Founder and Principal Karim Alibhai. “Despite setbacks created by the pandemic, this was a business sector that rebounded stronger as more companies sought flexible meeting and work spaces in a post-pandemic world. We felt this was the right time to execute this successful transaction given the buyer Convene’s position as an industry leader in meeting, event and flex office spaces, and future growth prospects.”
The Gencom partnership will maintain a significant ownership stake in Convene and Mr. Alibhai will serve on its board of directors.
Founded more than 35 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $7 billion in assets under management and includes 23 assets in operation or under development with over 8,500 hotel rooms around the world. Gencom’s portfolio also includes a distinct affiliated operating platform: Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe.