Gencom Affiliate Reacquires Majority Interest In The Ritz-Carlton Coconut Grove

Affiliates of Miami-based Gencom, a U.S.-based investment firm that owns, operates, and develops prized real estate globally, announced that it has reacquired a majority interest the 115-key The Ritz-Carlton Coconut Grove situated at 3300 SW 27th Ave. in Miami, Florida.

A Gencom-led joint venture originally acquired The Ritz-Carlton Coconut Grove back in 2011 and sold a majority stake on the property to Hersha Hospitality Trust in 2017. The new acquisition transaction was financed by Banco Inbursa, a leading international financial institution with a strong track record financing hospitality and commercial real estate assets, for an undisclosed amount.

“The Ritz-Carlton Coconut Grove has always been a special property for Gencom, reflected by our history with the asset and Coconut Grove’s timeless appeal,” said Karim Alibhai, Founder of Gencom. “Reacquiring a majority stake aligns with our strategy of investing in high-quality assets in markets with strong fundamentals. We see significant opportunity to build on the property’s legacy and exceptional brand by creating value through disciplined investment and asset management.”

The Ritz-Carlton Coconut Grove property first opened in 2002 in Miami’s historic Coconut Grove neighborhood. In addition to the hotel’s 115 guestrooms, the Ritz-Carlton property features ~30,000 square feet of flexible indoor and outdoor meeting space, a swimming pool, poolside restaurant, boutique spa and salon, and a fitness center. The 21-story upscale hotel underwent its latest renovation in 2018. The upgrades included renovating the guestrooms and suites, the lobby, swimming pool, and food and beverage spaces that led to the opening of Isabelle’s Coconut Grove and The Commodore cocktail bar.

“This acquisition reflects our long-term conviction in Miami’s lodging fundamentals and the sustained strength of its local economy,” said Alessandro Colantonio, Chief Investment Officer at Gencom. “Having previously owned The Ritz-Carlton Coconut Grove, we recognize the enduring value of the asset and the importance of Coconut Grove as one of Miami’s most established and in-demand submarkets for both leisure and business travel. 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.”

Miami’s Coconut Grove waterfront neighborhood has emerged as one of the city’s most authentic and highly coveted communities. Known for its lush streets, historic charm, and vibrant cultural scene, the Grove has seen significant growth and redevelopment in recent years. The addition of several Class A office buildings has attracted new residents and businesses, while the revitalization of its anchor lifestyle center, Cocowalk, has introduced dozens of restaurants, retail shops, and a new movie theater. Coupled with the development of luxury condos and hotels, these enhancements have strengthened Coconut Grove’s position as a premier live-work-play district. Today, the neighborhood offers a unique blend of luxury living, shopping, dining, cultural attractions and entertainment, making it one of Miami’s most appealing destinations for residents, visitors, and investors alike.

Gencom’s Miami holdings include the recently reopened Ritz-Carlton Key Biscayne, Miami following a $100 million renovation and Miami Riverbridge, a transformational, privately funded mixed-use development planned along the Miami River, reinforcing the firm’s long-term conviction in the city’s growth and waterfront revitalization. The company’s illustrious branded hotel portfolio also includes other Marriott Hotels brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Philadelphia; The Ritz-Carlton New Orleans; The St. Regis Chicago; and Nekajui, a Ritz-Carlton Reserve; in addition to other five-star flags such as Auberge, Four Seasons, Rosewood, Fairmont, Hyatt, InterContinental, and more.

Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, and Marriott.

Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 24 owned assets in operation or under development with over 6,000 hotel rooms around the world; in addition to 185 properties, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.

Images via Gencom

The Ritz-Carlton Key Biscayne Launches $100 Million Full-Scale Renovation of Iconic Beachfront Resort

Poised between the cosmopolitan grace of Miami and the natural beauty of the Atlantic, The Ritz-Carlton Key Biscayne, Miami, is embarking on a new chapter. Nearly 25 years since Gencom co-developed the asset, the iconic resort has begun a transformational improvement plan totaling over $100 million, ushering in a new era of coastal luxury. Following completion of the planned improvements, the property is slated to reopen its doors in December 2025.

Located at 455 Grand Bay Drive, the 275,000-square-foot resort spans 17 acres on the barrier island of Key Biscayne. Rising 13 stories above the shoreline, the 420-key hotel features 600 feet of pristine beach access. Since its debut in 2001, the resort has become a premier destination in Miami’s luxury hospitality landscape. The upcoming transformation marks the first comprehensive renovation of this iconic property since its inception.

Spearheaded by design architect Hart Howerton, with public spaces envisioned by Design Agency and guestrooms redesigned by Chapi Chapo Design, the renovation’s vision is deeply rooted in the resort’s island identity while elevating its refined sense of place. Each space will harmonize with the surrounding coastal landscape, incorporating soft natural tones, lush greenery, and textures that evoke the sand and seas.

“With this transformative renovation, we are honoring the property’s legacy and doubling down on our 25-year commitment to the Key Biscayne community,” said Karim Alibhai, Founder and Principal of Gencom. “These enhancements will allow the property to remain competitive in the region’s increasingly sophisticated hospitality landscape, while further elevating Key Biscayne as a premier destination.”

As a visual cue for what is to come, the resort's exterior will be introduced with a fresh, modern color palette that will reflect the surrounding sand and sea. Inside, the lobby will undergo a complete transformation, anchored by a new East-facing glass façade that will seamlessly merge the exterior’s coastal landscape with layered natural textures and warm interior tones. The newly redesigned arrival experience will embrace the island’s tropical elegance, evoking a sense of calm and wonder.

The Spa at The Ritz-Carlton Key Biscayne, Miami, will also undergo a complete redesign to reflect the serenity of its surroundings. Drawing inspiration from the island’s native elements, mangroves, limestone, and the ocean, it will reemerge as a sanctuary for rejuvenation and renewal.

The culinary experience will also evolve with the introduction of a completely refreshed signature restaurant, offering guests and locals bold flavors and locally inspired ingredients. In addition to the new dining offering, The Ritz-Carlton Key Biscayne, Miami will continue to welcome guests to its six long-standing dining venues, including RUMBAR, Cantina Beach, Dune, Scoop, Stefano’s, and Key Pantry. Each space will be refreshed to enhance the overall experience, ensuring continuity and charm that aesthetically aligns with the resort’s broader transformation.

Beyond the culinary experience, enhancements will extend across the property’s impressive suite of amenities. Guests will enjoy an upgraded experience across the swimming pools, fitness center, The Club Lounge, and the Cliff Drysdale Tennis Center, the largest tennis facilities of any Ritz-Carlton resort. The hotel also boasts 37,000 square feet of indoor and outdoor meeting and event space, making it a favorite among leisure travelers and business groups alike.

“The transformation represents a remarkable investment in the property’s future that will create an elevated hospitality experience for new and returning guests,” said Alessandro Colantonio, Executive Vice President and Chief Investment Officer at Gencom. “With this latest capital investment, we remain committed to ensuring that this iconic resort continues to set the standard for luxury in Miami.”

The property is a cornerstone of Gencom’s prestigious portfolio of branded properties, which includes The Ritz-Carlton Bachelor Gulch, The Ritz-Carlton New Orleans, The Ritz-Carlton Philadelphia, The St. Regis Chicago, and Nekajui, a Ritz-Carlton Reserve.

Today, Gencom’s portfolio spans nearly $8 billion in assets under management and under development and includes 23 owned assets with more than 6,000 hotel rooms around the world. Through its operating affiliates Pyramid Global Hospitality and Convene, Gencom oversees over 200 properties and more than 2 million square feet of premium meeting, event, and flexible office space.

Exterior Renderings via Hart Howerton | Interior Renderings via Design Agency

GENCOM RETAKES MAJORITY OWNERSHIP IN RITZ-CARLTON KEY BISCAYNE RESORT IN MIAMI

Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, has retaken majority ownership in the 291-key Ritz-Carlton Key Biscayne. The transaction was financed by Citigroup and affiliates of KSL Capital Partners, LLC for an undisclosed amount.

Situated at 455 Grand Bay Drive, the 275,000-square-foot Ritz-Carlton resort rises over 13 stories on Miami’s barrier island of Key Biscayne. The upscale resort features 1,000 feet of beachfront access, along with several swimming pools, a Cliff Drysdale Tennis Center, Caribbean-inspired spa and fitness center, The Club Lounge, six restaurants, bars and cafes, as well as 37,000 square feet of meeting and event space. The property also boasts a luxury residential component with 188 condo-hotel units.

“The Ritz-Carlton Key Biscayne has become a hospitality anchor for Miami’s Village of Key Biscayne since Gencom co-developed the property in 2000 and we are excited to retake control of the asset for a long-term hold. We look forward to achieving the property’s full potential by embarking on a renovation to ensure it remains a top luxury resort as Miami’s international epicenter continues to expand,” said Karim Alibhai, founder of Gencom.

After developing the 17-acre property in 2000, Gencom sold its majority interest to a private REIT in a three property, $750 million transaction.

“KSL is very excited to lock arms with Gencom, who has an exceptional track record in this market and on resort assets like the Ritz-Carlton Key Biscayne," said Dan Rohan, Partner and Head of Tactical Opportunities at KSL. "This investment is another example of KSL's long-term commitment to its core thesis within the hospitality sector, but also our more recent expansion into structured partnerships with like-minded firms like Gencom through our Tactical Opportunities vehicle."

Gencom is planning a comprehensive $100 million renovation of the resort, slated to start in 2025, which will include major upgrades to the guestrooms, food & beverage offerings, public spaces and guest amenities.

The Ritz-Carlton Key Biscayne is part of Gencom’s illustrious branded hotel portfolio, which includes other Marriott Hotels brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Nekajui, a Ritz-Carlton Reserve, in addition to other five-star flags such as Auberge, Four Seasons, Rosewood, Fairmont, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.

Hyatt and Gencom Propose Arquitectonica-Designed Mixed-Use Redevelopment To Activate Downtown Miami Riverfront

Hyatt has teamed up with Miami-based luxury hospitality and residential developer Gencom, with the goal of redeveloping Downtown Miami’s iconic Hyatt Regency Miami, improving access in and out of the urban core, and activating a key piece of Miami’s riverfront. The Hyatt and Gencom venture is proposing a privately funded redevelopment that will comprise a reimagined upscale Hyatt Regency hotel with 615 hotel rooms and premium meeting space, more than 1,500 residential apartments, and open-air public space along the Miami River.

The proposed development seeks to amend and restate the ground lease that ushered in development of the existing Hyatt hotel in the early 1980s to include, without limitation, an extension of the lease renewal term from 45 to 99 years. This summer, Hyatt and Gencom will ask the City of Miami Commission to place a referendum on the November 2022 ballot asking voters to approve the revised ground lease and the proposed development. If approved by a majority of voters, construction on the Hyatt Regency Miami site is expected to begin in 2025.

“The City of Miami had the foresight to designate this property for an upscale hotel and meeting complex that would establish Downtown Miami as a hub for tourism, business and major events. In the four decades since, Hyatt Regency Miami and the James L. Knight Center have helped fuel downtown’s rise as a thriving hospitality, residential and commercial district,” says Phil Keb, Executive Vice President of Development at Gencom. “Our team’s privately financed upgrades will help ensure the Hyatt hotel site remains a critical economic engine for decades to come, while unlocking benefits in the form of new public space along the Riverwalk, improved access, upscale housing, and increased revenue for the city.”

Designed by Miami-based Arquitectonica, plans for the site include three towers offering residents and hotel guests panoramic views of Downtown Miami and Biscayne Bay. Towers one and two, rising 61-stories, will include 682 multifamily apartments, a 615-room Hyatt Regency with over 100,000 square feet of meeting space, and 264 serviced apartments. The towers will be linked at the top by a Skybridge featuring an upscale destination restaurant and lounge perched 700 feet over the city. Tower three, which is anticipated to include 860 residential apartments, will become one of the tallest buildings in South Florida.

“The Downtown area where Hyatt Regency Miami is located represents a nexus between the Brickell Financial District and the Central Business District, and it sits at a vital entry point for many people entering the urban core,” adds Bernardo Fort Brescia of Arquitectonica. “Redeveloping this land is an opportunity to rethink the way people will access this site over future decades – by foot, bike, train, car, and boat. The new vision for this development will enhance the flow in and out of Downtown and create vital public space along the Miami River, which is growing in importance as more people take residence in the neighborhood.”

“This proposed redevelopment represents a strategic opportunity to thoughtfully reinvest in the Downtown Miami community, which we have proudly been a part of since Hyatt Regency Miami opened its doors in 1982,” said Pete Sears, Americas group president, Hyatt. “With Gencom, we remain committed to pursuing redevelopment plans that add value to the Miami community and demonstrate care for our guests, colleagues and customers.”

The development’s planned multifamily and hotel components will meet growing demand among new residents and visitors. Downtown Miami currently attracts six million visitors each year, more than 120,000 people now call the district home, and the neighborhood’s existing base of residential apartments is approximately 95 percent occupied, according to the Miami Downtown Development Authority.

The three towers will sit atop a podium structure housing 190,000 square feet of Class A meeting space, representing a 50 percent expansion of the capacity currently available within the James L. Knight Center. The podium will include 12,000 square feet of space designated for food and beverage and retail uses, 1,100 parking spaces, as well as 20,000 square feet of coworking space. Outside, over 50,000 square feet of new public space will connect the Miami riverfront with family-friendly dining options located within the development.

In reconfiguring the existing site, the venture plans to improve access in and out of the property. A large arrival and drop-off area within the development’s footprint will alleviate vehicular congestion on surrounding streets. The development will complete a key portion of the long-anticipated Miami Riverwalk, creating a riverfront promenade spanning more than 480 feet in length. These improvements will create seamless connectivity with Biscayne Bay and Bayfront Park to the east, as well as the Metromover’s Riverwalk station to the west. An improved pedestrian bridge will offer residents, guests, and meeting attendees direct, covered connectivity to the Metromover’s Knight Center Station. Four zones within the site will be designated for bike parking. Additionally, the team is exploring further activation of a ferry dock along the riverfront which is presently used by a water ferry service between Downtown Miami and Miami Beach.

Renderings via Arquitectonica

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates. The term “Gencom” is used in this release for convenience to refer to Gencom and/or one or more of its affiliates.