A partnership led by Gencom closed on a $300 million debt facility to refinance existing debt and fund a large-scale renovation currently underway at The Ritz-Carlton Key Biscayne, Miami. The financing consortium was led by Blackstone Real Estate Debt Strategies.
Gencom originally co-developed The Ritz-Carlton property nearly 25 years ago. The transformational improvement plan will enhance the hotel’s exterior façade, lobby, guestrooms, public spaces, its six dining spaces, the spa, pool areas, fitness center, The Club Loung, and the Cliff Drysdale Tennis Center.
In tandem with the financing transaction, Key Bay Club LLLP, an affiliate of Fortune International Group, has contributed the Grand Bay Club into a Gencom-led joint venture. The partnership will unite the Hotel and Beach Club sites to create a 22-acre masterplan with over 1,200 linear feet of beach frontage.
Gencom and Key Bay Club LLLP closed on the joint venture agreement in an all-shares transaction that will provide Key Bay Club LLLP’s an ownership interest in both, the Hotel and Beach Club properties. The Grand Bay Club will undergo a comprehensive renovation of its facilities to further elevate the exclusive Private Membership Club. The renovation scope is expected to begin in 2026, with the reenvisioned club slated to be completed by next summer.
“The partnership with the Grand Bay Club is an exciting and strategic opportunity, that is perfectly aligned with the enhancements currently underway at the hotel and which reaffirms our longstanding investment in the community and that will further cement Key Biscayne’s standing as one of South Florida’s most coveted beachfront destinations,” Karim Alibhai, founder and principal of Gencom, said in a statement.
“The merger of these two trophy assets is a win-win for everyone involved because the sum of the pieces is clearly more than the individual components. Being able to possess a property with over 1,200 feet of ocean front is extremely unique in the South Florida market,” said Edgardo Defortuna, founder of Fortune International Group.
Gencom’s portfolio spans nearly $8 billion in assets under management and under development and includes 23 owned assets with more than 6,000 guestrooms. Through its operating affiliates Pyramid Global Hospitality and Convene, Gencom oversees more than 200 properties and more than 2 million square feet of meeting, event and flexible office space.