Back to Gencom: Brookfield sells its majority stake in Nichols designed Ritz-Carlton Key Biscayne – The Real Deal
Hotel investment firm plans $100M renovation of the waterfront resort it developed in the early 2000s
Ritz-Carlton Key Biscayne by Nichols Architects
Brookfield Asset Management sold its majority stake in the Ritz-Carlton Key Biscayne back to Gencom, which now has full ownership of the waterfront resort.
Karim Alibhai’s Gencom, a Miami-based hotel investment firm, had previously owned about one-third of the property at 455 Grand Bay Drive in Key Biscayne. Gencom sold two-thirds of the resort to Carey Watermark Investors in 2015 for $325 million. Brookfield acquired that interest when it purchased Watermark Lodging Trust in 2022 for $3.8 billion.
Gencom completed the 13-story Ritz-Carlton in 2001 on a 17-acre property with 1,200 feet of beachfront, pools, a tennis center and meeting space. The property also includes luxury condos that are branded Ritz-Carlton that were not included in the latest deal. The property was designed by Coral Gables firm Nichols Architects.
Ritz-Carlton Key Biscayne by Nichols Architects
Ritz-Carlton Key Biscayne by Nichols Architects
Read on at Source: The Real Deal https://therealdeal.com/miami/2024/01/15/brookfield-sells-ritz-carlton-key-biscayne-stake-to-gencom/?utm_campaign=sl-soflo-daily