Miami-based Gencom has regained majority ownership of the 291-key Ritz-Carlton Key Biscayne from Brookfield Asset Management for an undisclosed amount. The property, which spans 275,000 square feet and stands at 13 stories tall, will undergo a $100 million renovation in preparation for its repositioning in 2025. Citigroup and KSL Capital Partners provided financing for the transaction.
Gencom had previously sold the hotel to a private REIT as part of a larger deal worth $750 million back in 2000.
The resort currently offers numerous amenities such as swimming pools, tennis courts, spa and fitness facilities, club lounge access and six dining options. Additionally,the property boasts over 37,000 square feet of event space and direct beachfront access to Key Biscayne Beach. With its prime location on a sprawling17-acre lot,the hotel also features188 condo-hotel units.
This major development by Gencom is set to revitalize the Miami Ritz-Carlton brand with significant upgrades that are sure to attract both leisure travelersand business clientele alike.The post highlights this exciting news without mentioning any specific brands or locations,and instead focuses on key details aboutthe project itself.
