Gencom has regained full ownership of the Ritz-Carlton Coconut Grove in Miami. The company, led by Karim Alibhai, bought out partner Hersha Hospitality Trust’s majority stake in the 115-room hotel located at 3300 Southwest 27th Avenue. The sale price was not disclosed and was not listed in public records.
To finance the acquisition, Gencom secured a $62 million loan from Banco Inbursa. The Ritz-Carlton Coconut Grove features two 21-story towers built in 2002, which include both hotel rooms and 87 condominium units owned by individual investors. The property also offers 30,000 square feet of meeting space and amenities such as a pool, restaurant, spa, salon, and fitness center.
Gencom originally purchased the hotel portion for $10.2 million in 2011. In 2017, it formed a partnership with Hersha to acquire the hotel for $36 million. Since then, Gencom and Hersha have renovated guest rooms, the lobby, and pool area, and opened Isabelle’s Coconut Grove restaurant in 2018.
Coconut Grove is seeing renewed real estate activity with several new projects underway. These include Ziggurat—a mixed-use development by Allen Morris Company that recently obtained a $138.5 million construction loan—and Roble One by SSA Group, a planned condo project with short-term rental options.
Gencom manages a global portfolio of luxury hotels and residential properties valued at nearly $8 billion. Its affiliates include Pyramid Global Hospitality and Convene, connecting it to more than 50,000 hotel keys and over two million square feet of meeting space worldwide.
Recently, Gencom joined Highgate and Argent Ventures to purchase the InterContinental New York Times Square for $230 million. Last year, Gencom also partnered with Fortune International Group to renovate two Key Biscayne waterfront sites: a Ritz-Carlton hotel and the Grand Bay Club. A Gencom affiliate paid $20 million for Grand Bay Club and refinanced its mortgage with Blackstone—raising an additional $100 million—to fund renovations on both properties.
