Gencom refinances Rosewood Bermuda with Blackstone, KSL

Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, have refinanced the Rosewood Bermuda. The five-star resort is located in Tucker’s Point, spanning 240 waterfront acres and featuring more than 800 linear ft. of beachfront. The financing was originated by Blackstone Mortgage Trust Inc. and KSL Capital Partners LLC for an undisclosed amount and terms.

Gencom acquired the fee-simple Rosewood Tucker’s Point master-planned estate out of receivership in 2017. Following the acquisition, Gencom executed a series of repositioning efforts, including a complete operational overhaul and a renovation of the asset.

“The successful refinancing of the Rosewood Bermuda reaffirms Gencom’s long-term commitment to the country’s economic growth. Along with the Fairmont Southampton, Bermuda property, we look forward to elevating the local hospitality and tourism landscape, while opening the doors for other institutional lenders and developers to explore investment opportunities in Bermuda,” said Karim Alibhai, founder/principal, Gencom. “We are grateful for the continued support from the Government of Bermuda, the Bermuda Industrial Union and the local community as we further advance our development plans, generating jobs and economic benefits for the country for years to come.”

Gencom’s planned $17-million renovation of Tucker’s Point will include improvements to the 18-hole, par-70 Golf Course & Clubhouse, as well as the Beach Club, which features Bermuda’s longest stretch of private beach, according to the company, and is home to two pools, a restaurant and a watersports center. The company will also add new amenities and food & beverage options. The community also features a tennis club with four Har-Tru clay courts, 48,000 sq. ft. of waterfront land, as well as Rosewood Residences, Harbor Court Residences and single-family homes.

“KSL is pleased to have the opportunity to continue to build on our firm’s partnership with Gencom,” said Dan Rohan, partner/head of tactical opportunities, KSL. “As a sector fund, KSL is dedicated to making investments in travel and leisure businesses. This investment is yet another example of KSL’s commitment to supporting sponsors in their ownership of iconic hospitality assets and our ability to use creative and flexible capital solutions with firms like Gencom through our Tactical Opportunities vehicle.”

Operated by Rosewood Hotels and Resorts, the hotel has 88 keys with views of the Atlantic Ocean, Castle Harbour and Harrington Sound. Additional amenities include a 2,700-sq.-ft. ballroom; a 12,000-sq.-ft. luxury spa with eight treatment rooms and a reflecting pool; and several more dining options on property.