Gencom, an investment firm specializing in hospitality and residential properties, has recently regained majority ownership of the 291-room Ritz-Carlton Key Biscayne. The transaction was funded by Citigroup and affiliates of KSL Capital Partners, LLC, for an undisclosed sum. Gencom plans for a $100 million transformation for the property, set to begin in 2025. The resort will significantly upgrade its guestrooms, food and beverage offerings, public spaces and amenities.
The Ritz-Carlton resort is a 13-story building covering 275,000 square feet on Key Biscayne. The resort is an upscale destination that offers visitors a range of luxurious amenities with 1,000 feet of beachfront access, multiple swimming pools, a Cliff Drysdale Tennis Center, a Caribbean-inspired spa and fitness center, The Club Lounge, as well as six restaurants, bars, and cafes. The resort also provides 37,000 square feet of meeting and event space. The Ritz-Carlton resort has been consistently recognized by top travel publications such as Conde Nast Traveler, Forbes, and U.S. News & World Report as a leading travel destination in Miami. The property also includes 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,” Karim Alibhai says, founder of Gencom. “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.”
In 2000, Gencom developed a 17-acre property and later sold its majority interest to a private REIT in a transaction involving three properties that amounted to $750 million.
“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,” Dan Rohan says, 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.”
The portfolio of branded hotels under the ownership of Gencom features several Marriott Hotels brands, including The Ritz-Carlton Bachelor Gulch, The Ritz-Carlton Philadelphia, The St. Regis Chicago, and Nekajui, a Ritz-Carlton Reserve. It also includes other five-star flags like Auberge, Four Seasons, Rosewood, Fairmont, and Hyatt. Currently, the total assets under management of the Gencom portfolio are valued at almost $8 billion. This includes 23 owned assets operating or presently being developed, featuring over 7,000 hotel rooms worldwide. Additionally, the portfolio consists of 240 properties in over 40 locations, comprising 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which manages hotel property management and operations in the U.S. and Europe. Furthermore, the affiliate Convene, a hospitality company that designs, builds, and manages premium meetings, events, and flexible office spaces, manages over two million square feet.
