Gencom Retakes Majority Ownership in Ritz-Carlton Key Biscayne Resort in Miami
Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, announced that it has retaken majority ownership in the 291-key Ritz-Carlton Key Biscayne. The transaction was financed by Citigroup and affiliates of KSL Capital Partners, LLC for an undisclosed amount.
Situated at 455 Grand Bay Drive, the 275,000-square-foot Ritz-Carlton resort rises over 13 stories on Miami's barrier island of Key Biscayne. The upscale resort features 1,000 feet of beachfront access, along with several swimming pools, a Cliff Drysdale Tennis Center, Caribbean-inspired spa and fitness center, The Club Lounge, six restaurants, bars and cafes, as well as 37,000 square feet of meeting and event space. The resort continues to be recognized by top travel publications such as Conde Nast Traveler, Forbes, and U.S. News & World Report as a leading travel destination in Miami. The property also boasts a luxury residential component with 188 condo-hotel units.
"The Ritz-Carlton Key Biscayne has become a hospitality anchor for Miami's Village of Key Biscayne since Gencom co-developed the property in 2000 and we are excited to retake control of the asset for a long-term hold. We look forward to achieving the property's full potential by embarking on a renovation to ensure it remains a top luxury resort as Miami's international epicenter continues to expand," said Karim Alibhai, founder of Gencom.
After developing the 17-acre property in 2000, Gencom sold its majority interest to a private REIT in a three property, $750 million transaction.
"KSL is very excited to lock arms with Gencom, who has an exceptional track record in this market and on resort assets like the Ritz-Carlton Key Biscayne," said Dan Rohan, Partner and Head of Tactical Opportunities at KSL. "This investment is another example of KSL's long-term commitment to its core thesis within the hospitality sector, but also our more recent expansion into structured partnerships with like-minded firms like Gencom through our Tactical Opportunities vehicle."
Gencom is planning a comprehensive $100 million renovation of the resort, slated to start in 2025, which will include major upgrades to the guestrooms, food & beverage offerings, public spaces and guest amenities.
The Ritz-Carlton Key Biscayne is part of Gencom's illustrious branded hotel portfolio, which includes other Marriott Hotels brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Nekajui, a Ritz-Carlton Reserve, in addition to other five-star flags such as Auberge, Four Seasons, Rosewood, Fairmont, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.