The Ritz-Carlton Key Biscayne will be be renovated next year after hospitality and developer and investment firm Genom retook majority ownership of the island’s flagship hotel.
Miami-based Gencom will pump $100 million into the renovations by upgrading guestrooms, public spaces, amenities and food and beverage options, the company said in a news release.
Brookfield Asset Management sold its position in the oceanside uxury hotel to Gencom for $400 million, according to Bloomberg.
The Ritz-Carlton Key Biscayne offers 291 rooms with 1,000 feet of beachfront access, atennis center, a club lounge, as well as multiple pools, a spa and a fitness center. The property has 37,000 square feet of meeting space, with six restaurants, bars and cafes.
In addition to its hotel component, the Ritz-Carlton Key Biscayne also offers 188 condo-hotel units, with prices starting at $800,000 on the resale market, according to CoStar, a real estate information company.
“We look forward to achieving the property’s full potential by embarking on a renovation to ensure it remains a top luxury resort as Miami’s international epicenter continues to expand,” Karim Alibhai, founder of Gencom, said in a statement.
The 13-story hotel at 455 Grand Bay became a hospital anchor for Key Biscayne after Gencom co-developed the property in 2000. “We are excited to retake control of the asset for long-term hold,” Alibahi said.
Ritz-Carlton Key Biscayne’s renovation is the latest in Miami from Gencom, which is also working alongside Hyatt to redevelop the aging James L. Knight Center and the adjacent Regency hotel on a city of Miami-owned site along the Miami River, according to CoStar.
Gencom also owns a Ritz-Carlton in Miami’s Coconut Grove as well as properties in Costa Rica and Bermuda.
The transaction for the Ritz-Carlton Key Biscayne was financed by Citigroup and affiliates of KSL Capital Partners.