Affiliates of Gencom have reacquired a majority interest in The Ritz-Carlton Coconut Grove, a 115-key property in Miami.
A Gencom-led joint venture originally acquired the hotel back in 2011 and sold a majority stake in the property to Hersha Hospitality Trust in 2017. The new acquisition transaction was financed by Banco Inbursa for an undisclosed amount.
“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, 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 property first opened in 2002 in Miami’s historic Coconut Grove neighborhood. In addition to the hotel’s 115 guestrooms, it features about 30,000 sq. ft. 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, which led to the opening of Isabelle’s Coconut Grove and The Commodore cocktail bar.
“This acquisition reflects our long-term conviction in Miami’s lodging fundamentals and the sustained strength of its local economy,” said Alessandro Colantonio, chief investment officer, Gencom. “Having previously owned The Ritz-Carlton Coconut Grove, we recognize the enduring value of the asset and the importance of Coconut Grove as one of Miami’s most established and in-demand submarkets for both leisure and business travel. Regaining a majority ownership in this iconic property enables us to further scale our hospitality platform in Miami, one of North America’s most compelling and resilient tourism markets.”
