Gencom and its affiliates deepen investment in Bermuda, with plans for a $17 million renovation of the master-planned community at Tucker’s Point
MIAMI, FL – May 1, 2024 – Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, announced today the successful refinancing of the Rosewood Bermuda. The five-star resort is located in Tucker’s Point, spanning 240 waterfront acres and featuring over 800 linear feet of beachfront, making it the longest private beach on the island. The financing was originated by Blackstone Mortgage Trust, Inc. (NYSE: BXMT) and KSL Capital Partners, LLC for an undisclosed amount and terms.
Gencom acquired the fee-simple, Rosewood Tucker’s Point master-planned estate out of receivership in 2017. Following the acquisition, Gencom executed a series of repositioning efforts, including a complete operational overhaul and a more than $24 million renovation of the asset.
“The successful refinancing of the Rosewood Bermuda reaffirms Gencom’s long-term commitment to the country’s economic growth. Along with the Fairmont Southampton, Bermuda property, we look forward to elevating the local hospitality and tourism landscape, while opening the doors for other institutional lenders and developers to explore investment opportunities in Bermuda,” said Karim Alibhai, Founder & Principal of Gencom. “We are grateful for the continued support from the Government of Bermuda, the Bermuda Industrial Union and the local community as we further advance our development plans, generating jobs and economic benefits for the country for years to come.”
Gencom’s planned $17 million renovation of Tucker’s Point will include improvements to the 18-hole, par-70 Golf Course & Clubhouse; and Beach Club, which features Bermuda’s longest stretch of private beach and is home to two pools, a restaurant, and a watersports center; as well as adding new amenities and food & beverage options. The community also features a Tennis Club with four Har-Tru clay courts, 48,000 square feet of waterfront land, as well as Rosewood Residences, Harbor Court Residences and single-family homes.
“KSL is pleased to have the opportunity to continue to build on our firm’s partnership with Gencom,” stated Dan Rohan, Partner and Head of Tactical Opportunities at KSL. “As a sector fund, KSL is dedicated to making investments in travel and leisure businesses. This investment is yet another example of KSL’s commitment to supporting sponsors in their ownership of iconic hospitality assets and our ability to use creative and flexible capital solutions with firms like Gencom through our Tactical Opportunities vehicle.”
Operated by Rosewood Hotels and Resorts, the ultra-luxury hotel boasts 88 keys with sweeping views of the Atlantic Ocean, Castle Harbour and Harrington Sound. Additional amenities to the aforementioned include a 2,700-square-foot ballroom, a 12,000-square-foot luxury spa with eight treatment rooms and a reflecting pool, and several more dining options on property.
Alongside the redevelopment of the Fairmont Southampton that is currently underway, Gencom looks forward to continuing its investment in Bermuda’s vital tourism and hospitality industry. The country continues to rank as a leading tourism destination, famous for its pink-sand beaches and accessibility to major North American cities such as Miami, New York City, Toronto, Boston, among others. In fact, Bermuda was ranked the #1 spot to travel to by Condé Nast Traveler’s ‘Readers’ Choice Awards 2023.’
Gencom’s Bermuda assets are part of the firm’s illustrious branded hotel portfolio, which includes other brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Key Biscayne; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Nekajui Ritz-Carlton Reserve, and other five-star flags such as Auberge, Four Seasons, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and under development and includes 23 owned assets with over 7,000 hotel rooms around the world.
About Gencom
Gencom is a U.S.-based investment firm that owns, operates and develops prized real estate around the world, with an emphasis on luxury hotels, resorts and branded residential properties; and which is also an active owner and investor in hospitality operating platforms. Gencom’s current real estate portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Four Seasons, Ritz-Carlton, Rosewood, Auberge, Fairmont, Hyatt, Marriott and St. Regis. www.gencomgrp.com
Founded more than 40 years ago, Gencom has grown to become one of the nation’s leading firms specializing in the development and management of luxury resort and residential properties, alongside full-service hospitality operating platforms. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and includes 23 owned assets in operation or under development with over 7,000 hotel rooms around the world; in addition to 240 properties spanning over 40 locations, comprised of 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, which oversees hotel property management and operations throughout the U.S. and Europe; and over 2 million square feet through affiliate, Convene, a hospitality company that designs, builds, and manages premium meeting, event, and flexible office spaces.
About Rosewood Hotel Group
Rosewood Hotel Group, a privately owned company, is one of the world’s leading global lifestyle and hospitality management groups. It encompasses four brands: ultra-luxury Rosewood Hotels & Resorts®; upper-upscale New World Hotels & Resorts; Asaya, an integrated well-being concept; and Carlyle & Co., a modern and progressive private members club. Its combined hotel portfolio consists of 44 hotels in 20 countries with more than 30 new properties currently under development.
About Blackstone Mortgage Trust
Blackstone Mortgage Trust (NYSE: BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone. Further information is available at www.bxmt.com.
About KSL Capital Partners
KSL Capital Partners is a private equity and private debt investment management firm specializing in travel and leisure enterprises. KSL has offices in Denver, Colorado; New York City; Stamford, Connecticut; and London, England. Since 2005, KSL has raised in excess of $23 billion of capital across its equity, credit and tactical opportunities funds. KSL’s current and past portfolio contains some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com
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