Gencom has regained full ownership of the Ritz-Carlton Coconut Grove hotel in Miami. An affiliate of Gencom, led by Karim Alibhai, acquired partner Hersha Hospitality Trust’s majority stake in the 115-room property located at 3300 Southwest 27th Avenue. The financial details of the transaction were not disclosed by either party.
To fund the acquisition, Gencom secured a $62 million loan from Banco Inbursa. The Ritz-Carlton Coconut Grove comprises two towers built in 2002 and includes 87 condominium units owned separately, along with 30,000 square feet of meeting space. The hotel features amenities such as a pool, restaurant, spa, salon, and fitness center.
Gencom initially bought the hotel portion for $10.2 million in 2011. In 2017, Gencom and Hersha formed a partnership that acquired the property for $36 million. Together, they renovated key areas including guest rooms, the lobby, and pool area. They also opened Isabelle’s Coconut Grove restaurant in 2018.
The Coconut Grove area is seeing increased real estate activity with several new developments underway. Among these is Ziggurat, a mixed-use project by Allen Morris Company that recently obtained a $138.5 million construction loan. Additionally, SSA Group began sales last year for Roble One, a three-story condominium project designed for short-term rentals.
Gencom was founded over four decades ago and manages luxury hotels and residential properties worldwide with assets totaling nearly $8 billion. Through its affiliates Pyramid Global Hospitality and Convene, Gencom is associated with more than 50,000 hotel keys and over two million square feet of meeting and flexible office space globally.
In December, Gencom partnered with Highgate and Argent Ventures to acquire the InterContinental New York Times Square hotel for $230 million. Last year, Gencom also joined Fortune International Group to renovate two waterfront sites on Key Biscayne: the Ritz-Carlton hotel and Grand Bay Club. A Gencom affiliate paid $20 million for Grand Bay Club and later refinanced an existing loan with Blackstone by increasing it by $100 million to fund renovations on both properties.
