Gencom Affiliate Closes On $300 Million Ritz-Carlton Key Biscayne Financing, Forms JV With Grand Bay Club

A partnership led by Gencom, a global hospitality and real estate investment firm, has 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 has a longstanding history investing in the island of Key Biscayne, having originally co-developed The Ritz-Carlton property situated at 455 Grand Bay Drive nearly 25 years ago. Since its debut in 2001, the iconic resort has become a premier destination in Miami’s luxury hospitality landscape. Ushering in a new era of coastal luxury, 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 Lounge, 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, located at 425 Grand Bay Drive, into a Gencom-led joint venture. The partnership will unite the Hotel and Beach Club sites to create a 22-acre masterplan featuring 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 summer 2026.

“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,” said Karim Alibhai, Founder and Principal of Gencom.

 

“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.

 

Tony LaBarbera, Managing Director at Blackstone Real Estate Debt Strategies said, “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.”

An industry leader specialized in the development and management of luxury resorts and residential properties, Gencom’s prestigious portfolio of branded properties includes The Ritz-Carlton Bachelor Gulch, The Ritz-Carlton New Orleans, The Ritz-Carlton Philadelphia, The St. Regis Chicago, and Nekajui, a Ritz-Carlton Reserve. Today, Gencom’s portfolio spans nearly $8 billion in assets under management and under development and includes 23 owned assets with more than 6,000 hotel rooms around the world. Through its operating affiliates Pyramid Global Hospitality and Convene, Gencom oversees over 200 properties and more than 2 million square feet of premium meeting, event, and flexible office space.

Fortune International has been the top real estate organization in Key Biscayne for more than 30 years with brokerage and development involvement in some of the most significant projects in the island including the Grand Bay Condominium and Villas, the redevelopment of the Sonesta Hotel into Oceana Key Biscayne, and more recently, the acquisition of the Silver Sands Beach Resort scheduled to be redeveloped in the near future.