THE RITZ-CARLTON KEY BISCAYNE, MIAMI EMBARKS ON A NEW CHAPTER OF ISLAND-INSPIRED REFINEMENT

Spearheaded by Gencom, the property has commenced a $100M full-scale transformation of the iconic resort, blending timeless elegance with coastal sophistication

MIAMI, FL – June 3, 2025 – Poised between the cosmopolitan grace of Miami and the natural beauty of the Atlantic, The Ritz-Carlton Key Biscayne, Miami, is embarking on a new chapter. Nearly 25 years since Gencom co-developed the asset, the iconic resort has begun a transformational improvement plan totaling over $100 million, ushering in a new era of coastal luxury. Following completion of the planned improvements, the property is slated to reopen its doors in December 2025.

Located at 455 Grand Bay Drive, the 275,000-square-foot resort spans 17 acres on the barrier island of Key Biscayne. Rising 13 stories above the shoreline, the 420-key hotel features 600 feet of pristine beach access. Since its debut in 2001, the resort has become a premier destination in Miami’s luxury hospitality landscape. The upcoming transformation marks the first comprehensive renovation of this iconic property since its inception.

Spearheaded by design architect Hart Howerton, with public spaces envisioned by Design Agency and guestrooms redesigned by Chapi Chapo Design, the renovation’s vision is deeply rooted in the resort’s island identity while elevating its refined sense of place. Each space will harmonize with the surrounding coastal landscape, incorporating soft natural tones, lush greenery, and textures that evoke the sand and seas.

“With this transformative renovation, we are honoring the property’s legacy and doubling down on our 25-year commitment to the Key Biscayne community,” said Karim Alibhai, Founder and Principal of Gencom. “These enhancements will allow the property to remain competitive in the region’s increasingly sophisticated hospitality landscape, while further elevating Key Biscayne as a premier destination.”

As a visual cue for what is to come, the resort’s exterior will be introduced with a fresh, modern color palette that will reflect the surrounding sand and sea. Inside, the lobby will undergo a complete transformation, anchored by a new East-facing glass façade that will seamlessly merge the exterior’s coastal landscape with layered natural textures and warm interior tones. The newly redesigned arrival experience will embrace the island’s tropical elegance, evoking a sense of calm and wonder.

The Spa at The Ritz-Carlton Key Biscayne, Miami, will also undergo a complete redesign to reflect the serenity of its surroundings. Drawing inspiration from the island’s native

elements, mangroves, limestone, and the ocean, it will reemerge as a sanctuary for rejuvenation and renewal.

The culinary experience will also evolve with the introduction of a completely refreshed signature restaurant, offering guests and locals bold flavors and locally inspired ingredients. In addition to the new dining offering, The Ritz-Carlton Key Biscayne, Miami will continue to welcome guests to its six long-standing dining venues, including RUMBAR, Cantina Beach, Dune, Scoop, Stefano’s, and Key Pantry. Each space will be refreshed to enhance the overall experience, ensuring continuity and charm that aesthetically aligns with the resort’s broader transformation.

Beyond the culinary experience, enhancements will extend across the property’s impressive suite of amenities. Guests will enjoy an upgraded experience across the swimming pools, fitness center, The Club Lounge, and the Cliff Drysdale Tennis Center, the largest tennis facilities of any Ritz-Carlton resort. The hotel also boasts 37,000 square feet of indoor and outdoor meeting and event space, making it a favorite among leisure travelers and business groups alike.

“The transformation represents a remarkable investment in the property’s future that will create an elevated hospitality experience for new and returning guests,” said Alessandro Colantonio, Executive Vice President and Chief Investment Officer at Gencom. “With this latest capital investment, we remain committed to ensuring that this iconic resort continues to set the standard for luxury in Miami.”

The property is a cornerstone of Gencom’s prestigious portfolio of branded properties, which 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.

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.

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 6,000 hotel rooms around the world; in addition to 240 properties, 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.

For more information, visit www.gencomgrp.com.

About The Ritz-Carlton Hotel Company, LLC

The Ritz-Carlton Hotel Company, LLC currently operates more than 100 hotels in 35 countries and territories. For more information or reservations, visit the company website at www.ritzcarlton.com, for the latest company updates, visit news.marriott.com, and to join the live conversation, use #RCMemories and follow along on Facebook, Twitter, and Instagram. The Ritz-Carlton Hotel Company, L.L.C. is a wholly-owned subsidiary of Marriott International, Inc. (NASDAQ:MAR). The Ritz-Carlton is proud to participate in Marriott Bonvoy®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments, and unparalleled benefits, including complimentary nights and Elite status recognition. To enroll for free or for more information about the program, visit marriottbonvoy.com

Media Contact for Gencom:

Schwartz Media Strategies

Yudi Fernandez Kim – yudi@schwartz-media.com; (305) 725-8262 Sara Gaggia – sara@schwartz-media.com; (954) 592-4589

Annemarie Suarez – annemarie@schwartz-media.com; (786) 416-1783

Media Contact for The Ritz-Carlton Key Biscayne, Miami: Marcie McGeehan – Marcie.McGeehan@ritzcarlton.com Tatiana C. Lora – Tatiana.Lora@ritzcarlton.com

GENCOM AFFILIATE CLOSES ON $300 MILLION RITZ- CARLTON KEY BISCAYNE, MIAMI FINANCING AND FORMS JOINT VENTURE WITH GRAND BAY CLUB

The transactions follow the commencement of a transformative $100+ million renovation at the Hotel

MIAMI, FL – June 2, 2025 – 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.

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.

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 6,000 hotel rooms around the world; in addition to 240 properties, 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.

For more information, visit www.gencomgrp.com.

About Fortune International Group

Synonymous with excellence, quality, customer service and unwavering commitment to the highest standards of luxury, Fortune International Group has been a recognized leader in development, sales, and marketing since 1983. With over 7,000 units and 9 million square feet of projects delivered, the company’s prestigious development portfolio includes many of the most prominent residential properties in South Florida including Faena Residences Miami, Ora by Casa Tua, The Ritz-Carlton Residences, Pompano Beach, The St. Regis Residences, Sunny Isles Beach, Nexo Residences, The Ritz- Carlton Residences, Sunny Isles Beach, Jade Residences Brickell, Jade Beach, Jade Ocean, Jade Signature and Auberge Beach Residences and Spa Fort Lauderdale.

The company’s Fortune Development Sales division is the premier, exclusive on-site sales and marketing representative for third-party development projects in South Florida, having sold more than 31,000 units and currently representing some of South Florida’s most successful projects such as: The Residences at Mandarin Oriental, Miami, Cipriani Residences, Bay Harbor Towers, Pagani Residences, Onda, Missoni Baia, Una Residences, 2000 Ocean, One Park Tower and Baccarat Residences, among others. The firm’s real estate brokerage division, Fortune Christie’s International Real Estate, is the exclusive Christie’s affiliate in Miami-Dade and Broward counties. Fortune International Group has 21 offices around the world with over 1,000 associates. Fortune’s international broker network reaches legions of prospective buyers from South Florida to Buenos Aires, Hong Kong to São Paolo, and Manhattan to Paris. For more information, visit fortuneintlgroup.com.

About Blackstone Real Estate

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contact:

Schwartz Media Strategies

Yudi Fernandez Kim – yudi@schwartz-media.com; (305) 725-8262 Sara Gaggia – sara@schwartz-media.com; (954) 592-4589

Annemarie Suarez – annemarie@schwartz-media.com; (786) 416-1783

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