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 at 3300 Southwest 27th Avenue. The companies did not disclose the sale price, and it was not recorded in public records.
The acquisition was financed with a $62 million loan from Banco Inbursa. The Ritz-Carlton Coconut Grove features two towers completed in 2002, which include 87 condominium units owned by individual investors and 30,000 square feet of meeting space. The hotel offers amenities such as a pool, restaurant, spa, salon, and fitness center.
Gencom originally bought the hotel portion in 2011 for $10.2 million. In 2017, Gencom partnered with Hersha to acquire the hotel for $36 million. Since then, they renovated guest rooms, the lobby, and pool area and opened Isabelle’s Coconut Grove restaurant in 2018.
The real estate market in Coconut Grove is seeing increased development activity. Projects underway include Ziggurat—a mixed-use development by Allen Morris Company that recently secured a $138.5 million construction loan—and Roble One by SSA Group, a planned condo project catering to short-term rentals.
Founded over four decades ago, Gencom manages a global portfolio of luxury hotels and residential properties valued at nearly $8 billion. Through its affiliates such as Pyramid Global Hospitality and Convene, Gencom is connected to more than 50,000 hotel keys and over two million square feet of meeting and office space worldwide.
Recently, Gencom joined Highgate and Argent Ventures to purchase the InterContinental New York Times Square for $230 million. Last year also saw Gencom collaborate with Fortune International Group to renovate two Key Biscayne waterfront sites: the Ritz-Carlton hotel and Grand Bay Club. A Gencom affiliate paid $20 million for Grand Bay Club and refinanced its loan with Blackstone—raising an additional $100 million—for renovations on both properties.
