Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul

by John Nelson

MIAMI — Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million.

Ritz-Carlton Key Biscayne includes several swimming pools; 1,000 feet of beach frontage; six restaurants, bars and cafes; 37,000 square feet of meeting space; health and wellness amenities including a fitness center, tennis center and spa; and 188 condo-hotel units, which were not part of the acquisition.

Citigroup and affiliates of KSL Capital Partners LLC provided financing for Gencom’s purchase, the terms of which were not disclosed. Gencom is planning a $100 million overhaul of the 13-story hotel that is slated to start in 2025. The renovation will include major upgrades to the guestrooms, food-and-beverage offerings, public spaces and guest amenities.

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