Gencom closes $300M refinance of Ritz-Carlton Key Biscayne

KEY BISCAYNE, Florida — A partnership led by Miami-based Gencom has closed on a $300 million debt facility to refinance existing debt and fund a large-scale renovation currently underway at The Ritz-Carlton Key Biscayne, Miami.

In addition, Key Bay Club, an affiliate of Miami-based Fortune International Group, has contributed the Grand Bay Club, adjacent to the hotel, to a joint venture. The partnership will unite the hotel and beach club sites to create a 22-acre complex with over 1,200 linear feet of beach frontage. 

Gencom and Key Bay Club closed on the joint venture agreement in an all-shares transaction to provide Key Bay Club with an ownership interest in both properties. The Grand Bay Club will also undergo a comprehensive renovation of its facilities. That renovation is expected to begin in 2026, with the repositioned club slated to be completed by summer 2026. Blackstone Real Estate Debt Strategies led the financing consortium.

“The partnership with the Grand Bay Club is an exciting and strategic opportunity, that is perfectly aligned with the enhancements currently underway at the hotel and which reaffirms our longstanding investment in the community and that will further cement Key Biscayne’s standing as one of South Florida’s most coveted beachfront destinations,” said Karim Alibhai, founder and principal of Gencom.

“The merger of these two trophy assets is a win-win for everyone involved because the sum of the pieces is clearly more than the individual components,” said Edgardo Defortuna, founder of Fortune International Group. “Being able to possess a property with over 1,200 feet of ocean front is extremely unique in the South Florida market.”

Gencom had previously announced the $100-million renovation for the Ritz Carlton, which is scheduled to reopen in December after renovations. Gencom originally developed the hotel, which debuted in 2001. It was then sold to a REIT before Gencom took over majority ownership of the property again in January 2024.

“We are delighted to support the value-add transformation of this storied, irreplaceable resort,” said Tony LaBarbera, managing director at Blackstone Real Estate Debt Strategies. “This transaction reflects Blackstone’s ability to deliver creative, strategic, large-scale financing solutions even amidst market volatility.”

Gencom’s portfolio spans nearly $8 billion in assets under management and under development and includes 23 owned assets with more than 6,000 hotel rooms worldwide. The company also owns other high-profile luxury assets like The Ritz-Carlton Bachelor Gulch, The Ritz-Carlton New Orleans, The Ritz-Carlton Philadelphia, The St. Regis Chicago, and Nekajui, a Ritz-Carlton Reserve. Through its operating affiliates Pyramid Global Hospitality and Convene, Gencom oversees over 200 properties.