Karim Alibhai, the founder of the Miami-based development company Gencom, talks about trends in luxury development in Costa Rica, the Bahamas and beyond

BY SHIVANI VORA

ORIGINALLY PUBLISHED ON DECEMBER 12, 2022

Karim Alibhai, the founder and principal of the Miami-based development company Gencom, may have more than 20 significant residential projects to his name, but he has managed to be among the more under-the-radar developers in the industry. 

His ventures focus on resort settings globally and comprise primarily luxury branded residences. Examples include Ritz-Carlton residences in Philadelphia; Key Biscayne, Florida; and Bachelor Gulch, Colorado; as well as Rosewood Tucker’s Point and Fairmont Southampton in Bermuda.

Mr. Alibhai’s most recent project is Peninsula Papagayo, a 1,400-acre development in North Pacific Cost Rica that Gencom acquired in 2016 in partnership with the Cyprus-based investor Mohari Hospitality. The more than $1 billion master-planned community includes two hotel brands with residences attached—Four Seasons Hotels and Resorts and Andaz—and is in the middle of a major growth spurt. 

Mr. Alibhai, 58, who was born in Kenya, spoke to Mansion Global about the must-have amenities for any luxury development and why buyers from their 30s to 50s are now his company’s biggest customers.

Mansion Global: Peninsula Papagayo is known for its many amenities, and several more are in the works. Can you describe what currently exists and the ones still to debut?

Karim Alibhai: We have two beach clubs, three spas and several fitness centers with the latest equipment—they all also offer exercise classes. The development also has a marina that can accommodate superyachts, an 18-hole golf course designed by Arnold Palmer, more than 15 restaurants, a tennis center, a nature center and an adventure outpost with a zipline, a ropes course and a mountain bike center. 

I am especially proud of our Explorer’s Club, which offers customized experiences, both on and off the property. We have guides that can take you trekking in the rainforest, for example, or on a cultural tour, and naturalists who can take you birdwatching or animal trekking, even after dark. 

Upcoming, we’re working on a 20-acre sports park with water slides and a standing surf wave, a village around the marina with boutiques and restaurants, two more beach clubs and a wellness-oriented spa. 

MG: These days, what are some amenities that every luxury development in a resort destination must have?

KA: Definitely a sizable spa with numerous experiences like saunas, treatments and different wet areas. When people are in a resort destination, they want to escape to a spa. Also, since guests are captive and stay on property, you need a breadth of restaurants and bars. It’s not enough to have one signature restaurant because people get bored. 

MG: Who are your customers?

KA: In the beginning, Gencom’s buyers were mostly retirees. In the last few years, the tables have turned, and we see younger buyers in their 30s, 40s and 50s. These age groups have amassed a good deal of wealth from tech companies or other ventures and are seeking a lifestyle where they can enjoy their wealth. 

MG: How important are star architects to home buyers today? 

KA: Big name architects do resonate with buyers, but they are not a deciding factor. First and foremost, buyers must love the design of the residence, irrespective of who designed it. The flow and layout are also key. In a resort setting like Costa Rica, outdoor space is a big deal. People want large areas outside where they can spend time. 

MG: What’s your definition of luxury?

KA: Excellent service. You can have the best home in the most beautiful, highly amenitized development, but it means nothing if there isn’t service to match. That means the staff at the restaurants, beach clubs, spas and gyms. They should know all residents by name and their children as well. They need to be personal and aware of their preferences and aversions. 

MG: With respect to your developments, do you decide to invest based on the potential of the destination or of the project itself? 

KA: For me, the destination is the primary driver and then the project. Bermuda is an example. I first looked at it in 2015. It was an “it” country in the 1980s, but at the time I came in, it was on a decline in terms of the quality of the real estate and hotels. The affluent crowd had forgotten about Bermuda and were looking at other destinations to buy homes such as Turks and Caicos and Grand Cayman. But I believed that Bermuda had legs. It offers a perfect mix of Caribbean blue waters and Hamptons chic with its manicured lawns. 

Gencom decided to invest. We believed that we could add value to the destination by taking over the Rosewood and Fairmont properties and renovating them to a high standard. We have also streamlined their operations. Rosewood has since increased its revenues by more than 10 times and is one of my favorite places to visit with my four kids. 

[This interview has been edited for length and clarity]

Link to Mansion Global Article

Arquitectonica design reimagines the existing Hyatt Regency Miami site with a revitalized
world-class hotel and meeting space, residential apartments, new public green space, and
waterfront food and beverage experiences

 Improved Riverwalk will create a 480-foot-long pedestrian promenade 

 Miami – May 9, 2022 – Hyatt has teamed up with Miami-based luxury hospitality and residential developer, Gencom, with the goal of redeveloping Downtown Miami’s iconic Hyatt Regency Miami, improving access in and out of the urban core, and activating a key piece of Miami’s riverfront. The Hyatt and Gencom venture is proposing a privately funded redevelopment that will comprise a reimagined upscale Hyatt Regency hotel with 615 hotel rooms and premium meeting space, more than 1,500 residential apartments, and open-air public space along the Miami River. 

The proposed development seeks to amend and restate the ground lease that ushered in development of the existing Hyatt hotel in the early 1980s to include, without limitation, an extension of the lease renewal term from 45 to 99 years. This summer, Hyatt and Gencom will ask the City of Miami Commission to place a referendum on the November 2022 ballot asking voters to approve the revised ground lease and the proposed development. If approved by a majority of voters, construction on the Hyatt Regency Miami site is expected to begin in 2025. 

“The City of Miami had the foresight to designate this property for an upscale hotel and meeting complex that would establish Downtown Miami as a hub for tourism, business and major events. In the four decades since, Hyatt Regency Miami and the James L. Knight Center have helped fuel downtown’s rise as a thriving hospitality, residential and commercial district,” says Phil Keb, Executive Vice President of Development at Gencom. “Our team’s privately financed upgrades will help ensure the Hyatt hotel site remains a critical economic engine for decades to come, while unlocking benefits in the form of new public space along the Riverwalk, improved access, upscale housing, and increased revenue for the city.” 

Designed by Miami-based Arquitectonica, plans for the site include three towers offering residents and hotel guests panoramic views of Downtown Miami and Biscayne Bay. Towers one and two, rising 61-stories, will include 682 multifamily apartments, a 615-room Hyatt Regency with over 100,000 square feet of meeting space, and 264 serviced apartments. The towers will be linked at the top by a Skybridge featuring an upscale destination restaurant and lounge perched 700 feet over the city. Tower three, which is anticipated to include 860 residential apartments, will become one of the tallest buildings in South Florida. 

“The Downtown area where Hyatt Regency Miami is located represents a nexus between the Brickell Financial District and the Central Business District, and it sits at a vital entry point for many people entering the urban core,” adds Bernardo Fort Brescia of Arquitectonica. “Redeveloping this land is an opportunity to rethink the way people will access this site over 

future decades – by foot, bike, train, car, and boat. The new vision for this development will enhance the flow in and out of Downtown and create vital public space along the Miami River, which is growing in importance as more people take residence in the neighborhood.” 

“This proposed redevelopment represents a strategic opportunity to thoughtfully reinvest in the Downtown Miami community, which we have proudly been a part of since Hyatt Regency Miami opened its doors in 1982,” said Pete Sears, Americas group president, Hyatt. “With Gencom, we remain committed to pursuing redevelopment plans that add value to the Miami community and demonstrate care for our guests, colleagues and customers.” 

The development’s planned multifamily and hotel components will meet growing demand among new residents and visitors. Downtown Miami currently attracts six million visitors each year, more than 120,000 people now call the district home, and the neighborhood’s existing base of residential apartments is approximately 95 percent occupied, according to the Miami Downtown Development Authority. 

The three towers will sit atop a podium structure housing 190,000 square feet of Class A meeting space, representing a 50 percent expansion of the capacity currently available within the James L. Knight Center. The podium will include 12,000 square feet of space designated for food and beverage and retail uses, 1,100 parking spaces, as well as 20,000 square feet of coworking space. Outside, over 50,000 square feet of new public space will connect the Miami riverfront with family-friendly dining options located within the development. 

In reconfiguring the existing site, the venture plans to improve access in and out of the property. A large arrival and drop-off area within the development’s footprint will alleviate vehicular congestion on surrounding streets. The development will complete a key portion of the long-anticipated Miami Riverwalk, creating a riverfront promenade spanning more than 480 feet in length. These improvements will create seamless connectivity with Biscayne Bay and Bayfront Park to the east, as well as the Metromover’s Riverwalk station to the west. An improved pedestrian bridge will offer residents, guests, and meeting attendees direct, covered connectivity to the Metromover’s Knight Center Station. Four zones within the site will be designated for bike parking. Additionally, the team is exploring further activation of a ferry dock along the riverfront which is presently used by a water ferry service between Downtown Miami and Miami Beach. 

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

About Gencom 

Founded in 1987 by Karim Alibhai, Gencom is a U.S.-based investment firm that owns and operates prized real estate around the world, with an emphasis on luxury hotels, resorts and residential properties. The Gencom portfolio is valued at over $3 billion and comprises more than 3,500 hotel rooms. Iconic properties include the Four Seasons Papagayo in Costa Rica, Ritz Carlton Key Biscayne in Miami, Florida, and the Ritz Carlton Bachelor Gulch in Colorado. Headquartered in Miami, Gencom is fully integrated, with expertise in virtually every aspect of development, acquisition, financing, asset management and the sale of hospitality properties. Gencom has had success developing, purchasing and exiting single assets and hotel portfolios, as well as in creating, purchasing and growing hospitality platform investments throughout the United States, Caribbean and Europe. For more information about Gencom, please visit http://www.gencomgrp.com. 

About Hyatt Hotels Corporation 

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of December 31, 2021, the Company’s portfolio included more than 1,150 hotel and all-inclusive properties in 70 countries across six continents. The Company’s offering includes the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination by HyattTM, Hyatt Regency®, Hyatt®, Hyatt ZivaTM, Hyatt ZilaraTM, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, JdV by HyattTM, Hyatt House®, Hyatt Place®, UrCove, and Hyatt Residence Club® brands, as well as resort and hotel brands under the AMRTM Collection, including Secrets® Resorts & Spas, Dreams® Resorts & Spas, Breathless Resorts & Spas®, Zoëtry® Wellness & Spa Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com. 

GUANACASTE, Costa Rica, Nov. 4, 2021 /PRNewswire/ — Peninsula Papagayo, the 1,400-acre private club and resort community located on Costa Rica’s north Pacific coast, today announced plans to build Nekajui, a Ritz-Carlton Reserve and Nekajui, a Ritz-Carlton Reserve Residence.

Designed for the most discerning eco-adventure leisure travelers, Nekajui, a Ritz-Carlton Reserve (pronounced NEK-ah-wee) is a new expression of luxury hospitality, welcoming guests on a highly personalized journey to one of the world’s most naturally beautiful and biodiverse destinations.

For collectors of rare trophy homes in exotic corners of the world, Nekajui, a Ritz-Carlton Reserve Residence, presents an extraordinary evolution of the hugely popular branded-residence concept.

About Nekajui, a Ritz-Carlton Reserve

• 107 guest rooms and suites on Pochote Bay; scheduled to open in 2024

Curated for adventurers seeking highly tailored and culturally immersive experiences, Nekajui converges on the human element that is intrinsic to true luxury.

“Service will be highly personalized,” says Simon Cooper, Gencom board member and lead advisor to Peninsula Papagayo. “With more staff and relatively fewer rooms, Nekajui has the privilege and uncommon opportunity to personally host guests, one-to-one.”

Growing demand from the most discerning leisure travelers is what motivated Gencom and Mohari Hospitality, co-owners of Peninsula Papagayo, to look beyond the gilded suites and familiar trappings of luxury. Cooper believes Nekajui will provide a much-needed antidote for the “been there, done that” syndrome. “It’s no longer just about the best guest rooms or facilities,” Cooper said, “it is about creating extraordinary experiences and lifetime memories.”

Inspired by Guanacaste’s classic haciendas, intimate public spaces bring together rich details from Spanish and Sabanero culture. Curated collections of original works by local artisans provide tactile touchpoints to explore the old and new. Lavish guest rooms are designed in a contemporary Costa Rican vernacular with spacious canopied patios and private plunge pools framing spectacular ocean and sunset views across the Gulf of Papagayo. Fittingly, the spa and fitness hub is accessed by a dramatic hanging bridge, inviting guests on an unforgettable path to lifelong wellness.

The name Nekajui comes from the language of the pre-Columbian Chorotegas, Guanacaste’s original inhabitants. The English translation, garden, inspired Nekajui’s singular open-air venues that welcome guests to step into a natural wonderland containing more species per square mile than any other country on the planet. A secluded beach house, reserved for hotel guests and residence owners, is situated steps from magical grotto pools and sea caves in Pochote Bay.

Other exclusive amenities include three signature Ritz-Carlton Reserve dining experiences, and Jean-Michel Cousteau’s Ambassadors of the Environment, which will offer an immersive gateway and uncommon access to 570 square miles of protected wildlands.

About Nekajui, a Ritz-Carlton Reserve Residence

• 36 rare villas and estate homes from over $3 million to over $13 million, located adjacent to the new Ritz-Carlton Reserve resort at Peninsula Papagayo, sharing access to all services and amenities
• Available by reservation starting November 2021

Located immediately adjacent to the new Ritz-Carlton Reserve, Nekajui’s exclusive residential enclave of two- to five-bedroom luxury villas and estate homes occupies the premier oceanfront property at Peninsula Papagayo. Secluded between two protected coves, a short walk from multiple beaches and golf, the site was handpicked for its unspoiled landscape and stunning natural setting. Construction of both the hotel and residences will commence early next year.

“Nekajui, a Ritz-Carlton Reserve Residence, was designed for collectors of trophy homes in exotic corners of the world,” said Donald McGregor of Miami-based Gencom, the developer and co-owner of Peninsula Papagayo.

Every aspect of the ownership experience will be curated and meticulously cared for by a dedicated Ritz-Carlton Reserve residential team. One of the many features of ownership will include hyper-personalized itineraries for each family member and houseguest, co-created alongside a dedicated team of credentialed local experts.

“Our clients receive all of the benefits of a boutique resort with enhanced outdoor living areas, individualized service, and privacy,” McGregor said. “More than ever, the top 0.1% is looking for an exotic sanctuary to escape boredom and spend quality time with friends and family.”

The unveiling of Nekajui follows a surge in demand from ultra-high net worth individuals for luxury-branded residences. Sales of Peninsula Papagayo’s luxury real estate have exceeded a record $200 million in 2021.

Nekajui’s rare villas and estate homes will be offered for sale under an exclusive priority reservation program starting in November 2021. Prices are expected to range from over $3 million to over $13 million. Two- to five-bedroom floorplans offer 2,200-6,300 square feet of luxe interior area. Additionally, most residences feature spacious outdoor living areas with canopied terraces and private pools. All homes will be delivered turnkey and fully furnished.

For more information, visit explorenekajui.com.

About Peninsula Papagayo
Situated on Costa Rica’s North Pacific coast in the province of Guanacaste, Peninsula Papagayo is Latin America’s ultimate coastal retreat offering an unparalleled closeness to nature and a lifetime of adventure in one of the most peaceful and biodiverse countries in the world. The community includes Four Seasons Resort Costa Rica at Peninsula Papagayo, Andaz Costa Rica Resort at Peninsula Papagayo, Bahias by Antoine Predock, the Clubhouse at Prieta Beach, the Arnold Palmer Signature Ocean Course at Peninsula Papagayo, Marina Papagayo, and an exclusive collection of oceanfront homes and villas. Peninsula Papagayo is located 30 minutes from Liberia International Airport, which offers more than 100 weekly flights seasonally from major cities in the U.S., Canada, the U.K., and across Central America. For more information, visit the website: https://peninsulapapagayo.com.

About Gencom
Founded in 1987 by Karim Alibhai, Gencom is a U.S.-based investment firm that owns and operates prized real estate around the world, with an emphasis on luxury hotels, resorts, and residential properties. Iconic properties include Four Seasons Resort Costa Rica at Peninsula Papagayo, The Ritz-Carlton Key Biscayne, Miami in Fla., The Ritz-Carlton, Bachelor Gulch in Colorado, and Rosewood Tucker’s Point in Bermuda. Headquartered in Miami, Gencom is fully integrated, with expertise in virtually every aspect of development, acquisition, financing, asset management, and the sale of hospitality properties. Gencom has had success developing, purchasing, and exiting single assets and hotel portfolios, as well as in creating, purchasing, and growing hospitality platform investments throughout the United States, Caribbean, and Europe. For more information about Gencom, please visit http://www.gencomgrp.com.

About Mohari Hospitality
Mohari Hospitality, founded in 2017 by entrepreneurial investor Mark Scheinberg, is a global investment company that engages in a broad range of real estate investment activities, with an emphasis on luxury hospitality in prime urban and resort markets. Mohari’s investments include equity and debt in both development and operating assets and Mohari invests both independently and with partners. Mohari’s existing investments include Peninsula Papagayo, a 2,200-acre sustainable master development, located in Costa Rica’s Guanacaste province and anchored by a Four Seasons luxury resort; The Ritz-Carlton Yacht Collection, a new ultra-luxury cruise line launching in 2021 and; Centro Canalejas, a group of seven adjoining historical buildings in the center of Madrid, featuring the first Four Seasons branded hotel in Spain; and the 205 room Waldorf Astoria, Miami which is to be the tallest tower south of Manhattan and is currently in pre-development residential sales. Mohari seeks to protect the cultural heritage and natural environments of all areas related to its projects and is committed to identifying and contributing to philanthropic projects in each location where it does business. Additional information can be found at moharihospitality.com.

Press Contact:
Danielle Finnegan
Director of Public Relations
Peninsula Papagayo
Guanacaste, Costa Rica
[email protected]
+1 (954) 997-8665

NEKAJUI, A RITZ-CARLTON RESERVE RESIDENCE, IS NOT OWNED, DEVELOPED OR SOLD BY THE
RITZ-CARLTON HOTEL COMPANY, L.L.C. OR ITS AFFILIATES (“RITZ-CARLTON”). INVERSIONES HOTELERAS PLAYA POCHOTE, S.R.L. USES THE RITZ-CARLTON MARKS UNDER A LICENSE FROM RITZ-CARLTON, WHICH HAS NOT CONFIRMED THE ACCURACY OF ANY OF THE STATEMENTS OR REPRESENTATIONS MADE HEREIN.

SOURCE Peninsula Papagayo

RELATED LINKS

www.peninsulapapagayo.com

Hyatt Hotels Corp. and two local firms are planning to unveil a new design for a long-stalled redevelopment of the chain’s Regency hotel downtown and the city’s 40-year-old James L. Knight Center complex.

The concept, which will be presented for the first time Tuesday morning to a subcommittee of the Miami River Commission, would transform the convention center complex, completed in 1982, into a three-tower structure that would add contours to Miami’s growing skyline.

It would create a public promenade along the riverfront with green space and a terraced entrance to restaurants. Renderings provided to the Miami Herald show rounded, glassy facades stretching into the sky would replace the shorter, blockier concrete exterior.

One of a list of aging city-owned sites eyed for redevelopment for years, the property near the mouth of the Miami River at 400 SE Second Ave. currently has auditoriums, meeting space and a 612-room hotel run by Hyatt under a long-term lease executed in 1979. Under existing terms, Hyatt would in 2027 have the option of renewing the lease for another 45 years.

Hyatt previously presented plans in 2017 and 2018, though the matter never made it to the ballot. Now, Hyatt has tapped a Miami-based team including developer Gencom and Arquitectonica to design a new vision for a complete overhaul of the property. The team will ask the city to extend the lease for another 99 years.

The financial terms of the proposal are still being negotiated and land appraisals are not yet complete, according to Miami City Manager Art Noriega’s administration. The city commission is not expected to consider a complete proposal until late June. Any deal would need voter approval under a city law that requires a referendum for long-term leases of city-owned waterfront property. The developers plan to ask commissioners to place the question on the November ballot.

For now, the development team is focused on introducing the new design concept in hopes of gaining traction with City Hall and other civic leaders.

“We would hope the architecture of the site would become a postcard shot of Miami,” said Phil Keb, executive vice president of Gencom.

The plan calls for a complex with 615 hotel rooms, more than 1,500 market-rate apartments, revamped meeting space and a transformed public riverwalk. Two 61-story towers would include apartments, hotel rooms and extended-stay units, and a third rising more than 1,000 feet would hold 860 residential apartments. A skybridge with a restaurant would connect the two shorter towers, with a view of the city from 700 feet off the ground.

The towers would rise above a massive pedestal that would hold about 190,000 square feet of meeting space, replacing the current convention space and the 4,500-seat auditorium that has hosted graduation ceremonies, concerts and, in the early days, University of Miami basketball games.

The ground-floor structure would also conceal a large circular driveway with multiple lanes for arrivals and drop-offs — a feature designers say will prevent long car queues from spilling out into streets already choked with traffic.

“We had to deal with the reality of cars,” said Bernardo Fort-Brescia, Arquitectonica co-founder, in an interview with the Herald. “The drop-off became a priority.”

Fort-Brescia and fellow architect Alejandro Gonzalez said they sought to give the space a “sense of arrival” that would at once be functional for cars and welcoming for pedestrians walking from downtown or getting off the Metromover.

The plan’s potential to upgrade the ground-level experience on the riverfront and even on the street-side along Southeast Fourth Street is appealing to Neal Schafers, head of urban planning for the Downtown Development Authority. He said with outdoor dining and grassy areas planned for the riverfront and new drop-off, the concept has promise. “From what I’ve seen in the proposed design, it would be fixing issues on one side with riverside activation and hopefully fixing ingress and egress issues on the north side,” he said.

Last week, the development team presented the vision to Commissioner Ken Russell, whose district includes the site. He told the Herald he was pleased to see green space and a more inviting riverwalk concept in the designs. He said the proposal is an upgrade from the last designs presented to the commission about four years ago.

One aspect of the plan expected to spark more conversation: All of the apartments are planned to be leased at market rates, which would mean more sky-high rents in downtown Miami. In a city facing a housing affordability crisis that continues to get worse, Russell and other commissioners could push the developers to rent out some units below market rates.

“This project does not address our affordable housing crisis in any way, so we need to see how this fits in with our goals,” Russell said.

Keb, the Gencom executive, said his team is anticipating the housing discussion.

“Whether that will be onsite or at other locations, yes, there is an affordable or workforce housing component that will be part of the overall project,” he said.

The design has already incorporated some feedback that Russell gave four years ago, including the emphasis on beautifying the riverfront and creating an inviting space for residents and tourists. The development team’s approach to presenting the concept is different this time, said James Francque, Hyatt’s global head of transactions.

“Before, it was Hyatt taking the lead in terms of speaking with city commissioners, speaking with the real estate department of the city of Miami,” Francque said. “Ultimately, we concluded that we needed to step back and switch this up. We selected our local partners before we started having these conversations.”

If a complete redevelopment is not endorsed by either the commission or the voters, Hyatt will still have rights to operate on the site for another 50 years. Francque said at that point, the conversation could shift to upgrading existing facilities, but his team feels a broader redevelopment is a better fit for downtown.

“From my perspective it’s very feasible to do it,” Franque said. “Everyone seems to be working in the same direction.”

Read more at: https://www.miamiherald.com/news/local/community/miami-dade/article261245017.html#storylink=cpy

Combined organization is positioned to be the industry’s most owner-focused, experiential management company and an employer of choice BOSTON and THE WOODLANDS, Texas – September 30, 2021 – Two storied hotel and resort.

BOSTON and THE WOODLANDS, Texas – September 30, 2021 – Two storied hotel and resort management companies have aligned forces, creating one powerhouse organization strategically positioned for the future of the global hospitality industry: Benchmark Pyramid. With a worldwide portfolio of 210 properties and annual operating revenue under management of more than $3 billion, the new company captures the passions and unique strengths of Benchmark Global Hospitality, a celebrated leader in the development and management of independent and lifestyle properties, and Pyramid Hotel Group, with its history of success across branded/franchise and resort properties. Benchmark Pyramid’s combined centers of excellence will make it the property manager and employer of choice as it delivers improved and accelerated results focused on service to owners and hotel guests. The new entity is backed by each company’s respective longtime investment partners, Gencom and TZP Group. Serving as co-chairs are Pyramid Hotel Group co-founder Rick Kelleher and Benchmark founder Burt Cabañas—both hospitality industry visionaries who built their respective companies from the ground up.

A meeting of minds between hospitality industry innovators
Leading the new company are CEO Warren Fields, formerly CEO and founding partner of Pyramid Hotel Group, and President Alex Cabañas, the former CEO of Benchmark Global Hospitality. Its European platform will continue to be led by Frank Croston, CEO of U.K.-based Hamilton Hotel Partners, a Pyramid Hotel Group Company. “Entertaining the idea of a merger has always been about finding the right fit in terms of both business strategy and employee culture,” said Fields in announcing the merger. “We recognized early in our discussions there were unique and exceptional advantages in combining the respective strengths of our organizations. Together, Benchmark Pyramid has the depth, capability and DNA to innovate and lead for years to come, which will significantly increase owner value, employee advancement opportunities, and portfolio growth.”
“Since the beginning, specialization and differentiation have been the focus of our merger conversations,” said Alex Cabañas. “Our goal is to be the best in independent and brand management as well as the most experiential hotel company in the industry for our guests, our employees and the communities we’re in.”

Expanded service offering and strengthened divisions
Specifically, Benchmark Pyramid will provide a wider range of specialized services going forward while continuing to offer all services available before the merger. Across the diverse portfolio of properties, its core businesses include management of independent, lifestyle, soft brand, full-service and select-service hotels and resorts, as well as corporate conference centers, day meetings and event centers. It also offers a full range of hospitality advisory and technical services, from experiential on-property innovation to receivership, asset management, project management and Benchmark’s ACCESS platform; and real estate investments and partnerships.

About Benchmark Pyramid
Benchmark Pyramid was formed by the 2021 merger of two hotel and resort management companies, creating the most owner-focused, experiential company in the industry and its best workplace. The organization’s global portfolio spans 210 properties in the U.S., Caribbean and Europe. It maintains offices in Boston; The Woodlands, Texas; Cincinnati; and London. For more information, visit
www.benchmarkpyramid.com

About Gencom
Founded in 1987 by Karim Alibhai, Gencom is one of the nation’s leading domestic and international investment and development firms specializing in hospitality with further emphasis on the luxury, mixed-use sector as well as related operating platform investments. Headquartered in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe, including Gencom American Hospitality, Summerfield Suites, Carnival Resorts and Interstate Hotels. Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, prominent family groups and other strategic partners both domestically and internationally. For more information about Gencom, please visit
www.gencomgrp.com

About TZP Group
TZP Group, a multi-strategy private equity firm managing approximately $2.2 billion across its family of funds including TZP Capital Partners, TZP Small Cap Partners, TZP Strategies and TZP Strategies Acquisition Corp., is focused on control, growth equity and structured capital investments in business services, technology, and consumer companies. TZP has recently launched an Impact Investing strategy that invests in mission-oriented businesses addressing key U.N. Sustainable Development challenges. Founded in 2007, TZP targets companies with solid historical performance and sustainable value
propositions and aims to be a “Partner of Choice” for business owners and management teams. TZP seeks to invest primarily in closely held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals’ operating and investment experience to provide strategic and operational guidance and is dedicated to long-term value creation. For more information, please visit

www.tzpgroup.com

New Owner is Planning a Significant Investment to Reaffirm Fairmont Southampton, Bermuda as One of The Island’s Premier Destination Resorts

Miami, Florida (December 16, 2019) – An affiliate of Miami-based Gencom, a leading domestic and international investment and development firm, has acquired Fairmont Southampton, Bermuda.  The hotel will remain under the brand and management of Fairmont Hotels & Resorts.  News of the acquisition comes with the announcement that the U.S.-based investment firm has committed to a long-term investment in the property, returning one of Bermuda’s leading resorts to its original glory.  Financial terms of the transaction were not disclosed.

The acquisition marks Gencom’s second investment in Bermuda.  In 2017, a Gencom-led affiliate acquired the 200-acre Tucker’s Point development from receivership that includes Rosewood Bermuda, the island’s renowned, ultra-luxury resort.  Following the acquisition, the affiliate executed an expansive, $25 million renovation of the property.  The acquisition of Fairmont Southampton reaffirms the firm’s confidence in the island’s hospitality and  tourism sector.  Bermuda benefits from direct flight access from the East Coast of the U.S., as well as Europe, making it a natural destination for leisure and group travelers.  Over the last couple of years, Bermuda has seen double digit growth in airport arrivals, as well as foreign spending.  With a new, state-of-the-art airport opening in the first half of 2020, increase in airlift and visitation is expected.

“Acquiring Fairmont Southampton demonstrates Gencom’s steadfast commitment to supporting the long-term growth of Bermuda’s tourism and hospitality sector,” said Gencom Founder Karim Alibhai. “The island is located less than three hours from most major North American cities, making Bermuda a rare and accessible paradise.  With a planned restoration, we aim to create a wonderful, updated destination resort experience at Fairmont Southampton for leisure and group travelers from all over the world.”

Perched on Bermuda’s stunning south shore with miles of pink sand beaches, the luxurious Fairmont Southampton beach resort sits on nearly 100 acres.  As the largest hotel in Bermuda, the 593-room resort offers unparalleled amenities including ten restaurants; 18-hole championship par 3 golf course; indoor spa pool and outdoor resort pool; 31,000 square foot signature branded Willow Stream Spa; state-of-the-art fitness center and 29,000 square feet of meeting space.  One of the most defining features of the property is the resort’s sprawling oceanfront Beach Club, which features water sports, an all-weather tennis center and ocean-side dining.  Set on a private pink sand beach overlooking Bermuda’s striking turquoise water, the Beach Club is perfect for both sunning and sports.  Fairmont Southampton has been a AAA Four Diamond resort since 1982. The new ownership is committed to a significant investment in the long-term success of the resort. Gencom is currently reviewing all aspects of the property and anticipates a full reveal of their re-imagined designs for the resort in 2020.

“Adding Fairmont Southampton to our luxury, mixed-use portfolio demonstrates Gencom’s ongoing strategy of seeking prime hospitality investment opportunities and creating value through the redevelopment and repositioning of these assets,” said Alessandro Colantonio, Gencom’s Executive Vice President of Acquisitions & Capital Markets. “As a result of our successful acquisition and renovation of Rosewood Bermuda, Gencom has gained acute knowledge and experience in the Bermuda market.  We are well-poised to properly restore the iconic Fairmont Southampton, further expanding our local relationships and presence in the market.  Through our planned investments, the resort will once again become a leading destination for both leisure and group travelers.”

“The Government applauds this deal as testament not only to Gencom’s strong commitment to Bermuda but also to the continuing renaissance of our island’s tourism industry,” said Zane DeSilva, Minister of Tourism & Transport. “We support what it means for this hallmark hotel and welcome the fact it sends a strong message to the world about Bermuda’s tourism investment value.”

“As with Gencom’s purchase of Rosewood Bermuda, this major investment underscores robust confidence in our island’s hospitality sector and signals the start of a new era for this landmark property,” said BTA CEO Kevin Dallas. “The acquisition and any resulting enhancements at the Fairmont Southampton resort will benefit the hotel, drive eventual growth in our group-sales sector, and strengthen the overall quality of Bermuda’s tourism product as we revitalize this industry to keep the island competitive. The Bermuda Tourism Authority looks forward to working with all parties involved to build on the hotel’s success towards an exciting future.”

The Seller, AccorInvest, is both owner and operator of a portfolio of more than 850 hotels, owned and leased, located in 26 countries in Europe, Latin America and Asia. The Group invests in order to consolidate its portfolio through hotel renovations and new hotel developments in Europe on economy & midscale segments.

About Gencom

Founded in 1987 by Karim Alibhai, Gencom is one of the nation’s leading domestic and international investment and development firms specializing in hospitality with further emphasis on the luxury, mixed-use sector as well as related operating platform investments. Headquartered in Miami, Gencom is fully-integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe, including Gencom American Hospitality, Summerfield Suites, Carnival Resorts and Interstate Hotels. Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, prominent family groups and other strategic partners both domestically and internationally. For more information about Gencom, please visit www.gencomgrp.com.

GENCOM ANNOUNCES FLORIDA PORTFOLIO ACQUISITION

Gencom-led Partnership Acquires Two St. Petersburg Beach Resorts

Miami, Florida, January 3, 2019. As part of its ongoing strategy to acquire unique hospitality assets anchored by strong underlying real estate and with unique repositioning opportunity, a Gencom-led partnership has announced the acquisition of two resort assets situated along St. Petersburg Beach, Florida, The Beachcomber Beach Resort and Hotel and The Grand Plaza Beach Hotel & Beach Resort were acquired at a reported purchase price of $100 million. The partnership will commit an additional $24 million for major renovations to upgrade and rebrand the two properties.

While both assets will initially remain independent and unbranded, BENCHMARK®, a global hospitality company, has been retained to manage and reposition two properties on St. Pete Beach, a resort island off the coast of St. Petersburg in Tampa Bay and within the heart of Florida’s popular Gulf Coast. Gencom and Benchmark forged a strategic management partnership in 2016.

“The purchase of the two St. Pete Beach properties represents a continuation of our firm’s strategy to seek out profitable hospitality investments in locations with strong market fundamentals and opportunities to create value through active management and repositioning,” said Alessandro Colantonio, Gencom’s executive vice president Acquisitions & Capital Markets. “Benchmark’s experience in every aspect of hotel management and marketing and its pioneering role in the development of experiential travel will enable us to maximize these assets through a far-sighted renovation program and productive reorganization.”

Gencom’s Miami-based acquisition and capital markets group led the sourcing, underwriting and closing of the acquisition which included securing equity co-investment and placement of acquisition financing. Post-closing, Gencom’s asset management team will work closely with Benchmark to oversee the planned renovation and repositioning initiatives.

“Gencom is excited to add these properties to its portfolio and to expand our strategy with Benchmark,” said Karim Alibhai, Gencom’s founder and principal. “We continue to be bullish in hospitality, for the right opportunities, and we were driven by the positive market trends and underlying real estate characteristics of these assets.”.

The high-rise Grand Plaza Beach Hotel & Beach Resort offers 156 rooms and four food and beverage outlets, while the Beachcomber Beach Resort and Hotel consists of 102 rooms and two restaurants, including the award-winning Jimmy B’s Beach Bar and Grill.

Holliday Fenoglio Fowler, L.P. (“HFF”) represented the sale of the assets through its Tampa office.

About Gencom

Founded in 1987 by Karim Alibhai, Gencom is one of the nation’s leading domestic and international investment and development firms specializing in the hospitality and luxury hospitality related residential real estate sectors. Headquartered in Miami, Gencom is fully-integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties.  Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe, including Gencom American Hospitality, Patriot American Hospitality, Carnival Resorts and Interstate Hotels.  Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, prominent family groups and other strategic partners both domestically and internationally.  For more information about Gencom, please visit www.gencomgrp.com.

About BENCHMARK®, a global hospitality company.

BENCHMARK®, a global hospitality company, is a leader in the development, management, and marketing of independent, soft branded, and experiential hard branded resorts, hotels, and conference centers.  In addition to the company’s award-winning full service Benchmark Resorts & Hotels, its lifestyle and luxury Gemstone Collection, and its industry-leading Benchmark Conference Center division, etc.venues is a leading provider of contemporary city centre venues for meetings, signature events, and conferences. BENCHMARK’s combined portfolio features more than 80 unique projects across three continents. The company is passionately committed to delivering personal, inspiring, and memory-making experiences, driving total revenue and profitability, and cultivating an award winning, “Be The Difference” culture for all its employees.  BENCHMARK, is based in The Woodlands (Houston), Texas, with offices in London, England; Miami, Florida; Park City, Utah; Scottsdale, Arizona; New Brunswick, New Jersey; Seattle, Washington; and Tokyo, Japan. www.benchmarkglobalhospitality.com To become a fan on Facebook, visit www.facebook.com/BenchmarkResortsandHotels, www.facebook.com/GemstoneHotelCollection. Follow us on Twitter at www.twitter.com/BenchmarkHotels, www.twitter.com/GemstoneHotels , on Instagram at www.instagram.com/benchmarkresortsandhotels, www.instagram.com/gemstonehotels, and on Pinterest at www.pinterest.com/benchmarkhotels/gemstone-hotels. At LinkedIn, https://www.linkedin.com/company/benchmark-a-global-hospitality-company/

Contact:

For direct Gencom inquiries:
Gencom
Alessandro E. Colantonio
EVP – Acquisitions & Capital Markets
305.416.6870
[email protected]