Miami-based Gencom has retaken majority ownership of the 291-key Ritz-Carlson Key Biscayne from Toronto-based Brookfield Asset Management. While the price was not disclosed, published reports gauge the value at over $400 million. Gencom plans a $100 million renovation to the property and will reposition the asset in 2025. The transaction was financed by Citigroup and KSL Capital Partners. Gencom originally sold the property to a private REIT in 2000 as part of a three-property, $750 million deal.
The hotel is a 275,000-square-foot resort that encompasses 13 stories.
Currently, the property boasts swimming pools, a tennis center, a spa and fitness center, a club lounge, six eateries and 37,000 square feet of meeting and event space. It also offers 1,000 feet of beachfront access to Key Biscayne Beach. The 17-acre property is home to 188 condo-hotel units.