Dive Brief:
- Investment firm Gencom, in partnership with Miami-based White Bridge Capital, acquired the 653-room InterContinental Miami near the city’s central business district, according to a news release. The seller was Strategic Hotels & Resorts, a Gencom representative told Hotel Dive, though they did not disclose the sale price.
- Located where the Miami River meets Biscayne Bay, the waterfront hotel offers a mix of guest rooms, including 22 suites ranging in size up to 2,800 square feet, per the release. The recently renovated hotel also features multiple food and beverage concepts, a rooftop pool with private cabanas, a full-service spa, a fitness center, a business center, a Club InterContinental Lounge and more than 90,000 square feet of flexible indoor and outdoor events space.
- The acquisition builds upon Gencom’s luxury hotel portfolio and reiterates the firm’s bullishness on its hometown market of Miami, which is “one of the most dynamic and globally recognized markets in the country,” Alessandro Colantonio, chief investment officer at Gencom, said in a statement.
Dive Insight:
The acquisition marks Gencom’s second InterContinental acquisition, following its $230 million purchase of the brand’s New York Times Square hotel late last year. The deal also expands the firm’s Miami portfolio, which includes The Ritz-Carlton Key Biscayne and The Ritz-Carlton Coconut Grove.
“We have built a substantial footprint across some of Miami’s most prominent hospitality and mixed-use destinations,” Colantonio said. “Adding the InterContinental Miami further strengthens the portfolio and gives us an exceptional waterfront asset in the heart of Downtown Miami, a location that we believe will continue to benefit from the city’s long-term economic growth.”
Earlier this year, following Gencom’s acquisition of The Ritz-Carlton New York, Central Park hotel in Midtown Manhattan, Colantonio told Hotel Dive the firm is a “long-term bettor on the Miami market,” which he said is positioned to become a financial epicenter in the next 10 years.
Downtown Miami benefits from corporate relocations, sustained investment in residential and mixed-use development and growth across finance and technology sectors, per the release. It is also an increasingly popular destination among international tourists as the host of major events such as Art Basel, the Formula 1 Miami Grand Prix and the Miami Open, the firm said.
Buying the InterContinental Miami aligns with Gencom’s broader investment strategy as the hotel’s “significant recent capital investment, strong operating performance and diversified mix of leisure, corporate and group business provide a solid foundation for long-term value creation to Gencom and its investors,” Ignasi Puig, managing director of acquisitions at Gencom, said in a statement.
Looking ahead, Gencom will focus on strengthening revenue across the hotel’s rooms, dining and meetings and events space, while also working to enhance the guest experience, Puig said.
The deal comes after Gencom restructured its organization into two divisions in August, with Gencom Capital focused on the investment side of the business and Gencom Real Estate on development, construction and asset management.
