A partnership led by Gencom, a global hospitality and real estate investment firm, has closed on a $300 million debt facility to refinance existing obligations and fund a comprehensive renovation at The Ritz-Carlton Key Biscayne, Miami. The financing was arranged by a consortium led by Blackstone Real Estate Debt Strategies.
Located at 455 Grand Bay Drive, the 13-story, 275,000-square-foot resort spans 17 acres on the barrier island of Key Biscayne and includes 420 guest rooms with over 600 feet of beachfront access. Gencom, which originally co-developed the hotel nearly 25 years ago, is undertaking the property’s first full-scale renovation since its opening in 2001. Planned upgrades include improvements to the exterior façade, lobby, guestrooms, public areas, six dining venues, the spa, pool decks, fitness center, The Club Lounge, and the Cliff Drysdale Tennis Center.
As part of the overall repositioning strategy, Key Bay Club LLLP—an affiliate of Fortune International Group—has contributed the neighboring Grand Bay Club, located at 425 Grand Bay Drive, into a Gencom-led joint venture. The transaction will unite both the hotel and beach club into a 22-acre master-planned campus with more than 1,200 linear feet of beachfront. The contribution was structured as an all-shares transaction, granting Key Bay Club LLLP an ownership interest in the combined hotel and club entity. A separate renovation of the Grand Bay Club is expected to begin in 2026, with completion targeted for summer of that year.
Gencom Founder and Principal Karim Alibhai stated, “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.”
Edgardo Defortuna, Founder of Fortune International Group, commented, “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.”
Tony LaBarbera, Managing Director at Blackstone Real Estate Debt Strategies, added, “We are delighted to support the value-add transformation of this storied, irreplaceable resort. This transaction reflects Blackstone’s ability to deliver creative, strategic large-scale financing solutions even amidst market volatility.”
Gencom’s portfolio includes properties such as The Ritz-Carlton Bachelor Gulch, The Ritz-Carlton New Orleans, The Ritz-Carlton Philadelphia, The St. Regis Chicago, and Nekajui, a Ritz-Carlton Reserve. The firm oversees nearly $8 billion in assets under management and development and operates more than 6,000 hotel rooms globally. Through its operating affiliates, Pyramid Global Hospitality and Convene, Gencom manages over 200 properties and 2 million square feet of meeting, event, and flexible office space.
Fortune International Group has maintained a longstanding presence in Key Biscayne, with past involvement in projects such as the Grand Bay Condominium and Villas, the redevelopment of the former Sonesta Hotel into Oceana Key Biscayne, and the recent acquisition of the Silver Sands Beach Resort.
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