Dive Brief:
- Affiliates of Miami-based investment firm Gencom have reacquired a majority interest in the 115-key Ritz-Carlton Coconut Grove hotel in Miami, the firm announced in late December. Financial terms of the transaction were not disclosed.
- A Gencom-led joint venture first acquired The Ritz-Carlton Coconut Grove in 2011 and sold a majority stake in the property to Hersha Hospitality Trust in 2017, according to the release. The luxury property, which underwent its latest renovation in 2018, offers roughly 30,000 square feet of meeting space, a swimming pool, a poolside restaurant, a boutique spa and salon and a fitness center.
- The deal aligns with Gencom’s strategy of “investing in high-quality assets in markets with strong fundamentals,” Founder Karim Alibhai said in the release.
Dive Insight:
Located in “one of Miami’s most established and in-demand submarkets for both leisure and business travel,” The Ritz-Carlton Coconut Grove has “enduring value,” Alessandro Colantonio, chief investment officer at Gencom, said in the release. “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.”
In recent years, hotels in Miami — and in Coconut Grove specifically — have seen a boost from resurging business travel and luxury demand, local hospitality professionals previously told Hotel Dive.
The Ritz-Carlton Coconut Grove joins other Miami holdings in Gencom’s portfolio, including The Ritz-Carlton Key Biscayne, which recently reopened after a $100 million renovation, and the mixed-use Miami Riverbridge development.
Gencom is also pursuing growth in New York City, a market it first entered in 2024 with the acquisition of Thompson Central Park Hotel. Last month, alongside Argent Ventures and Highgate, Gencom purchased the InterContinental New York Times Square hotel in Midtown Manhattan for a reported $230 million.
Gencom’s portfolio comprises nearly $8 billion in assets under management and includes 24 owned properties in operation or under development with more than 6,000 hotel rooms globally, according to the company.
The firm also acquired two Marriott International hotels in New Orleans last year.
