Gencom, an international owner and developer of hospitality and residential properties, announced the sale of etc.venues, the established leader in urban-day conferencing with more than 500,000 square feet of space over 13 England-based and three New York-based venues, to Convene. The buyer hospitality company designs, builds and manages premium meeting and event spaces as well as flexible office spaces for organizations.
A Gencom-led partnership acquired an ownership stake in etc.venues four years ago, contributing capital to position the company for continued growth and aiding in U.S. expansion through pandemic-related challenges.
The partnership led to etc.venues’ successful exit from the investment, and the completion of Gencom’s sale of etc.venues to Convene positions the buyer as the largest single provider of premium meeting and event venues in the U.S. and U.K.
“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 Alibhai will serve on its board of directors.
This information is based on a press release from Gencom.
