Gencom has regained full ownership of the Ritz-Carlton Coconut Grove hotel in Miami after acquiring its partner Hersha Hospitality Trust’s majority stake. The sale price was not disclosed, and neither Gencom nor Hersha commented on the financial details.
The purchase was financed with a $62 million loan from Banco Inbursa, according to public records. The Ritz-Carlton Coconut Grove consists of two 21-story towers built in 2002, featuring 115 hotel rooms, 87 condominium units owned by individual investors, and 30,000 square feet of meeting space. Amenities at the property include a pool, restaurant, spa, salon, and fitness center.
Gencom originally acquired the hotel portion for $10.2 million in 2011. Six years later, it entered into a partnership with Hersha to acquire the hotel for $36 million. Since then, both companies have renovated guest rooms and common areas and opened Isabelle’s Coconut Grove restaurant in 2018.
Coconut Grove is seeing increased real estate development activity. Projects underway include Ziggurat by Allen Morris Company—a mixed-use project that recently secured a $138.5 million construction loan—and Roble One by SSA Group, which will offer short-term rental-friendly condos.
Founded over four decades ago, Gencom manages nearly $8 billion in assets globally through luxury hotels, resorts, and branded residences. Its affiliates include Pyramid Global Hospitality and Convene; together they oversee more than 50,000 hotel keys and over 2 million square feet of meeting space worldwide.
Recently, Gencom partnered with Highgate and Argent Ventures to acquire the InterContinental New York Times Square hotel for $230 million. Last year it also joined Fortune International Group to renovate two Key Biscayne properties: a Ritz-Carlton hotel and the Grand Bay Club beach club. A Gencom affiliate paid $20 million for Grand Bay Club as part of this effort. The firms refinanced their loan with Blackstone—raising it by $100 million—to fund renovations at both sites.
