Busy Gencom reacquires Ritz-Carlton Coconut Grove

MIAMI – Gencom, having just acquired with partners The InterContinental New York Times Square and reopened the Ritz-Carlton Key Biscayne after a refinance and $100 million renovation, has now closed on the acquisition of the 115-key Ritz-Carlton Coconut Grove in Miami from Hersha Hospitality Trust for an undisclosed price.

A Gencom-led joint venture originally acquired The Ritz-Carlton Coconut Grove in 2011 and in 2017 sold a majority stake on the property for a reported $24.63 million to Hersha. The new deal, where Gencom has taken sole ownership, was financed by Banco Inbursa.

“The Ritz-Carlton Coconut Grove has always been a special property for Gencom, reflected by our history with the asset and Coconut Grove’s timeless appeal,” said Karim Alibhai, founder of Gencom. “Reacquiring a majority stake aligns with our strategy of investing in high-quality assets in markets with strong fundamentals. We see significant opportunity to build on the property’s legacy and exceptional brand by creating value through disciplined investment and asset management.”

The Ritz-Carlton Coconut Grove property first opened in 2002 in Miami’s historic Coconut Grove neighborhood. In addition to the hotel’s 115 guestrooms, the Ritz-Carlton property features ~30,000 square feet of flexible indoor and outdoor meeting space, a swimming pool, poolside restaurant, boutique spa and salon, and a fitness center. The 21-story upscale hotel underwent its latest renovation in 2018. The upgrades included renovating the guestrooms and suites, the lobby, swimming pool, and food and beverage spaces that led to the opening of Isabelle’s Coconut Grove and The Commodore cocktail bar.

Gencom’s Miami holdings also includes Miami Riverbridge, a privately funded mixed-use development planned along the Miami River.

Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 24 owned assets in operation or under development with over 6,000 hotel rooms around the world; in addition to 185 properties, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality.