Affiliates of Gencom have reacquired a majority ownership interest in The Ritz-Carlton Coconut Grove, a 21-story, 115-key hotel located at 3300 SW 27th Avenue in Miami’s Coconut Grove neighborhood. The transaction marks Gencom’s return as majority owner of the property, which it previously controlled through a joint venture prior to selling a majority stake in 2017.
A Gencom-led joint venture originally acquired the hotel in 2011 before selling a majority interest to Hersha Hospitality Trust six years later. The reacquisition was financed by Banco Inbursa for an undisclosed amount.
Credit: The Ritz-Carlton Coconut Grove
“The Ritz-Carlton Coconut Grove has always been a special property for Gencom, reflected by our history with the asset and Coconut Grove’s timeless appeal,” said Karim Alibhai, Founder of Gencom. “Reacquiring a majority stake aligns with our strategy of investing in high-quality assets in markets with strong fundamentals. We see significant opportunity to build on the property’s legacy and exceptional brand by creating value through disciplined investment and asset management.”
Credit: The Ritz-Carlton Coconut Grove
The Ritz-Carlton Coconut Grove first opened in 2002 and is situated within one of Miami’s oldest and most established neighborhoods. In addition to 115 guestrooms, the property includes approximately 30,000 square feet of indoor and outdoor meeting space, a swimming pool, a poolside restaurant, a boutique spa and salon, and a fitness center. The hotel last underwent a comprehensive renovation in 2018, which included upgrades to guestrooms and suites, the lobby, the swimming pool, and food and beverage venues, resulting in the opening of Isabelle’s Coconut Grove and The Commodore cocktail bar.
Credit: The Ritz-Carlton Coconut Grove
“This acquisition reflects our long-term conviction in Miami’s lodging fundamentals and the sustained strength of its local economy,” said Alessandro Colantonio, Chief Investment Officer at Gencom. “Having previously owned The Ritz-Carlton Coconut Grove, we recognize the enduring value of the asset and the importance of Coconut Grove as one of Miami’s most established and in-demand submarkets for both leisure and business travel. Regaining a majority ownership in this iconic property enables us to further scale our hospitality platform in Miami, one of North America’s most compelling and resilient tourism markets.”
Credit: The Ritz-Carlton Coconut Grove
Coconut Grove has experienced continued redevelopment and investment in recent years, including the addition of new Class A office buildings, luxury residential projects, and hospitality developments. The revitalization of Cocowalk has introduced new restaurants, retail offerings, and entertainment uses, contributing to the neighborhood’s evolution as a dense, walkable mixed-use district while maintaining its historic character.
Gencom’s broader Miami portfolio includes the recently reopened Ritz-Carlton Key Biscayne following a $100 million renovation, as well as Miami Riverbridge, a large-scale, privately funded mixed-use development planned along the Miami River. The firm’s global hospitality portfolio spans multiple luxury brands, including several Ritz-Carlton and St. Regis properties, alongside hotels operated under the Auberge, Four Seasons, Rosewood, Fairmont, Hyatt, and InterContinental flags.
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