Gencom and its affiliates continue to expand their investment and footprint in the island of Bermuda, where the firm acquired the Fairmont Southampton resort in 2019 and also owns the Rosewood Bermuda acquired in 2017.

The financing secured will fund a comprehensive renovation and redevelopment of the iconic Fairmont Southampton resort.

MIAMI, FL, September 23, 2024 – Gencom, an international owner, developer and manager of prized real estate, announced today that it has closed on a $550 million recapitalization of the Fairmont Southampton resort in Bermuda, funding a major redevelopment and expansion of the 593-key resort. With this announcement and commencement of the redevelopment, Gencom solidifies its position as the largest hospitality owner and developer on the island of Bermuda. Famous for its pink-sand beaches and accessibility to major North American cities such as Miami, New York City, Toronto and Boston, the destination ranked as the #1 location to travel to by Condé Nast Traveler’s Readers’ Choice Awards 2023.

“With this latest transaction, we are thrilled to strengthen our investment in Bermuda’s vital tourism and hospitality sector, as the country continues to rank as a leading tourism destination,” said Karim Alibhai, Founder and Principal of Gencom. “The extensive redevelopment of Fairmont Southampton reflects our deep commitment to the island’s long- term success. These enhancements will elevate the resort to a premier luxury destination, not just in Bermuda but across the broader Caribbean hospitality market.”

The extensive redevelopment underway at Fairmont Southampton will modernize the historic resort, featuring a complete transformation of all guestrooms with luxurious furnishings and elegant decor. The revamp will also include upgrades to the hotel’s expansive lobby and reception area as well as the meeting spaces and ballrooms, which will position the hotel and the island to welcome high-profile events and celebrations. The restaurant spaces will undergo a makeover to unveil sophisticated settings and elevated menu offerings. Fairmont’s Beach Club is being reimagined as a signature amenity that will include a new oceanside beach grill and lavish resort-style pool with breathtaking views of the beachfront. The redevelopment will additionally include a multi-phased residential program with luxury residences branded under the Fairmont flag. The resort is slated to reopen in early 2026, following the comprehensive renovation.

As noted by Omer Acar, Chief Executive Officer for Fairmont Hotels & Resorts, “We are thrilled to mark another notable step forward toward the reopening of Fairmont Southampton. This hotel is not only of significance to the island of Bermuda, but it is also a much-loved member of the Fairmont family. We are eager to reopen the doors and to get back to what we do best, delivering special experiences for our guests, fostering a strong team, and creating rewarding

opportunities for career-building and growth for Bermudians. It is an exciting time, and we are delighted to be working closely with our valued partners at Gencom in re-imagining this iconic property.”

Bermuda’s Minister of Tourism, the Honourable Owen Darrell, JP, said, “This is exciting news and represents a resounding vote of confidence in Bermuda and the potential of our tourism industry.”

Financing for the Fairmont Southampton transaction was provided by key institutional lenders, led by Starwood Property Trust and Clarien Bank.

“We are excited to be working with leading institutional lending partners on this venture and to reach this significant milestone with our Bermuda holdings,” said Alessandro Colantonio, Chief Investment Officer at Gencom. “As we continue to forge ahead, we look forward to delivering this world-class destination resort that will benefit the Bermuda tourism industry and local economy for decades to come.”

Lotus Capital Partners, led by Faisal Ashraf, served as capital markets advisor to Gencom on this deal.

“Clarien is proud to play a pivotal role in the financing of this transformative project, which will revitalize one of Bermuda’s most iconic resorts and strengthen the island’s position as a premier destination,” said Simon Van de Weg, Chief Banking Officer at Clarien Bank. “This underscores our commitment to supporting the growth of Bermuda’s economy through innovative financial solutions that meet the evolving needs of the Bermuda market.”

This announcement and closing follows the firm’s successful track record of acquiring, redeveloping and expanding significant luxury, mixed-use resorts including Costa Rica’s Peninsula Papagayo, which includes a Four Seasons resort, Andaz by Hyatt resort and a Ritz- Carlton Reserve that is currently under construction.

In May 2024, Gencom also announced the successful refinancing of the Rosewood Bermuda, an ultra-luxury hotel boasting 88 keys with sweeping views of the Atlantic Ocean, Castle Harbour and Harrington Sound. The hotel’s amenities feature a 2,700-square-foot ballroom, a 12,000-square-foot luxury spa with eight treatment rooms and a reflecting pool, as well as several more dining options. The five-star resort is located in Tucker’s Point, spanning 240 waterfront acres and considered 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 is currently leading a $17 million renovation of the Rosewood resort that includes improvements to the golf course and clubhouse, the Beach Club and the addition of new amenities and food & beverage options.

Gencom’s Bermuda assets are part of the firm’s illustrious branded hotel portfolio, which includes destinations such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Key Biscayne; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Four Seasons Costa Rica; Nekajui Ritz-Carlton Reserve currently under construction; and other five-star flags under Auberge, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and under development and includes 24 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 24 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 Starwood Property Trust

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of June 30, 2024, the Company has successfully deployed over $98 billion of capital since inception and manages a portfolio of $26 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.

About Clarien Bank

Clarien Bank Limited (“Clarien Bank”) provides personal, wealth management and corporate banking, to clients in Bermuda and internationally. Clarien Bank is one of the largest independent integrated financial services organisations in Bermuda and through subsidiary companies is licensed to conduct banking, investment, corporate services and trust business by the Bermuda Monetary Authority.

Media Contact for Gencom:

Schwartz Media Strategies

Yudi Fernandez Kim – [email protected]; (305) 725-8262 Jen Le – [email protected]; (239) 860-7379

The purchase of the 587-key hotel represents Gencom’s entry into New York City, one of the top leisure and business destinations worldwide.

MIAMI – September 17, 2024 – Gencom, a U.S.-based investment firm that owns, operates and develops prized real estate around the world, announces the hotel acquisition of the 42-story Thompson Central Park in New York City, a 587-key hotel centrally situated on Manhattan’s Billionaires’ Row. 

Located just south of New York’s Central Park, the luxury-lifestyle hotel underwent a comprehensive renovation, which led to the property’s reopening and rebranding in 2021. The hotel features 4,500 square feet of modern meeting space, an impressive lineup of food and beverage concepts, and a 6,500-square-foot, world-class Exhale spa and fitness center expected to open later this year. The hotel’s distinctive Upper Stories experience offers an elevated level of luxury and personalized services – including a private arrival and departure process and exclusive Upper Stories guest lounge – with a collective of guestrooms and suites perched on the hotel’s topmost guest floors.

Thompson Central Park is home to one of New York City’s most popular eateries, the iconic Burger Joint, which serves one of the city’s best burgers and is open for lunch and dinner, Parker’s, a restaurant located in the hotel’s main level featuring live music and crafted cocktails named after famous jazz songs, and Indian Accent, an upscale dining experience by Chef Manish Mehrotra that delights patrons with a unique twist on traditional Indian dishes. 

The acquisition financing for this transaction was provided by affiliates of Ramsfield Hospitality Finance, Affinius Capital and AB CarVal.

The real estate transaction signifies Gencom’s first foray into New York City, a global luxury hospitality market that attracts more than 63 million business and leisure travelers annually. 

“As Gencom continues to acquire trophy hotel assets in core U.S. markets, we were able to secure the acquisition of Thompson Central Park, marking our entrance into one of the world’s top hospitality markets and a great addition to our portfolio of prized hotel and resort properties,” said Gencom’s Chief Investment Officer Alessandro Colantonio. “We recognize the long-term value of this investment given the property’s central location and recent extensive renovation that further elevated its guestrooms, luxe amenities and modernized meeting spaces to position this asset as a premier leader in New York City’s luxury lodging market.”

The acquisition also marks the first addition of a Thompson Hotels-branded hotel to Gencom’s growing hospitality portfolio, which includes distinguished brands such as The Ritz-Carlton, Four Seasons Hotels and Resorts, St. Regis, Rosewood, Andaz, Fairmont, and Auberge Resorts. Gencom and Hyatt’s relationship includes the planned redevelopment of downtown Miami’s iconic Hyatt Regency Miami hotel, as well as the acquisition and renovation of Andaz Costa Rica Resort at Peninsula Papagayo.

“With this latest hotel acquisition, we continue to grow our diverse real estate portfolio and further strengthen our relationship with Hyatt, while adding Thompson Central Park as the latest hotel flag in our portfolio,” said Karim Alibhai, Founder & Principal of Gencom. “Recognizing the strength of the U.S. hospitality market, particularly in cities with high barriers to entry like New York, this transaction represents a key addition to our hospitality portfolio in North America that includes iconic hotel properties in major markets such as Miami, Chicago, Denver and Philadelphia.”

The hotel is centrally located near some of New York City’s premier artistic and cultural institutions such as Carnegie Hall, the MoMA (The Museum of Modern Art), and many legendary fine dining destinations. The property offers scenic views of Central Park, considered one of the city’s top attractions, spanning 843 acres of lush green space with walking trails, lakes, recreation fields and multiple restaurants. 

“We are excited to deepen our relationship with Gencom and continue collaborating in even more meaningful ways across its diverse portfolio of Hyatt hotels,” said Pete Sears, Group President, Americas, Hyatt. “We look forward to Thompson Central Park’s further success with Gencom’s strategic investment and vision, paired with Hyatt’s innovative approach to lifestyle hotel management.” 

Eastdil Secured, a global real estate investment bank, represented the seller in the property’s sale and also represented Gencom in arranging the acquisition financing. 

“The sale of Thompson Central Park underscores the growing investor conviction in the New York City lodging market,” said Jeffrey Davis, Managing Director of Eastdil Secured. “The strong fundamentals and growth momentum have now become common knowledge, and we expect to see heightened transaction volume as a result.”

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one more of its affiliates.

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 Thompson Hotels

Thompson Hotels have transformed conventional hospitality into dynamic cultural moments inspired by the surrounding streets since the brand’s first hotel opened in downtown NYC more than 20 years ago. Today, the brand continues to channel local creative energy into its expanding international portfolio of properties, with restaurants helmed by top culinary names, lobbies that double as cultural epicenters, boundary-pushing music programs, and more. The result is a magnetic hub built for collective gathering, where distinct design is an ethos and a signature part of the guest experience. Each hotel serves as an inspiring home base for guests and creatives alike to connect with each other and what moves culture forward. The Thompson Hotels portfolio of luxury lifestyle hotels currently includes The Beekman, Gild Hall and Thompson Central Park New York in New York City; Thompson Washington D.C.; Thompson Nashville; Thompson Seattle; Thompson Chicago; The Cape in Los Cabos, Mexico; Thompson Playa del Carmen on Mexico’s Riviera Maya; Thompson Zihuatanejo on Mexico’s Pacific Coast; Thompson Dallas, Thompson San Antonio, and Thompson Austin in Texas; Thompson Savannah; Thompson Hollywood; Thompson Buckhead; Thompson Denver; and Thompson Madrid in Spain. Follow @ThompsonHotels on Facebook, Twitter, and Instagram for news and updates. For more information, please visit www.thompsonhotels.com.

Photo Credit Julie Soefer Photography