Gencom, a Miami-based hospitality investment firm led by Karim Alibhai, has regained full ownership of the Ritz-Carlton Coconut Grove hotel. According to a news release, Gencom acquired partner Hersha Hospitality Trust’s majority stake in the 115-room property located at 3300 Southwest 27th Avenue. The sale price was not disclosed and does not appear in public records.
The acquisition was financed with a $62 million loan from Banco Inbursa. The Ritz-Carlton Coconut Grove consists of two towers completed in 2002 that also include 87 condominium units owned by individual investors and approximately 30,000 square feet of meeting space. Amenities available at the property include a pool, restaurant, spa, salon, and fitness center.
Gencom initially purchased the hotel portion in 2011 for $10.2 million. In 2017, it entered into a partnership with Hersha Hospitality Trust to acquire the hotel for $36 million. Since then, both firms renovated various parts of the property and opened Isabelle’s Coconut Grove restaurant in 2018.
Coconut Grove is seeing renewed real estate activity with several projects underway. These include Ziggurat—a mixed-use development planned by Allen Morris Company—which recently secured a $138.5 million construction loan, as well as Roble One by SSA Group, which launched sales last year for its short-term rental-friendly condo project.
Gencom manages a global portfolio of luxury hotels and branded residences valued at nearly $8 billion in assets under management. Its affiliates include Pyramid Global Hospitality and Convene; together they are associated with more than 50,000 hotel keys and over two million square feet of meeting and flexible office space worldwide.
In December, Gencom partnered with Highgate and Argent Ventures to purchase InterContinental New York Times Square for $230 million. Last year also saw Gencom collaborating with Fortune International Group on Key Biscayne waterfront properties—combining and renovating both the Ritz-Carlton hotel there and Grand Bay Club after acquiring the latter for $20 million. To support renovations on these sites, Gencom and Fortune refinanced their existing loan with Blackstone—raising an additional $100 million on top of their previous $210 million mortgage.
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