News Release

BENCHMARK®, A Global Hospitality Company, Makes Strategic Investment in UK’s etc.venues

 

Investment Expands Benchmark’s Reach to over 80 locations Across Three Continents

The Woodlands (Houston), Texas, June 4, 2018 … BENCHMARK®, a global hospitality company, and its capital partner, Gencom, have made a strategic investment in the UK-based etc.venues, a pioneering non-residential day meetings company with 15 properties in London, Birmingham and Manchester. The move and positioning significantly increases Benchmark’s global footprint and creates exceptional opportunities for international expansion for both companies.

The partnership means that Benchmark will now operate across three continents, with a total of 80 properties in North America, the Caribbean, Japan and the United Kingdom. Recognized in the UK and on the international stage as an award-winning and particularly innovative training and events firm, etc.venues will complement Benchmark’s four hospitality services brands:  Benchmark Resorts & Hotels, Gemstone Collection, Benchmark Conference Centers and the Benchmark Owner Advisory Group.

“The combination of hospitality and award-winning workplace services, spanning three continents and focused on hotel and office real estate investments, is truly unique in the industry,” according to Benchmark’s CEO Alex Cabañas. “Benchmark’s leadership in group sales and in delivering exceptional meeting experiences aligns perfectly with etc.venues’ sophisticated meetings and events space in the UK market.”

etc.venues’ facilities, strategically located in key business districts around London and in the commercial centers of Birmingham and Manchester, are known for stylish contemporary design, technical expertise, outstanding business services and premier food and beverage focus.

Investment and transaction structuring efforts were led by Benchmark’s capital partner, Miami-based Gencom. Gencom led an investment consortium, which included an investment fund managed by Colony Northstar as corporate preferred equity provider.  “The investment in etc.venues is consistent with Gencom’s strategy to grow the Benchmark platform and position the company for dynamic and global growth not only through operations management but also through a dedicated real estate investment platform,” said Karim Alibhai, Principal of Gencom. “Gencom will continue to explore opportunities in the real estate markets as a result of this transaction and will look to align itself with strategic investment partners on both single-asset and programmatic basis,” Mr. Alibhai added.

The new collaboration will spur the global expansion of Benchmark and etc.venues in urban and destination sites within Europe and the United States, notes Alastair Stewart, managing director of etc.venues. “This is a winning combination. Benchmark will be perfectly positioned to pursue hotel management business in Europe, while etc.venues will have the financial, sales & marketing and operational support it needs to establish new venues in the US.”

“US expansion of etc.venues is a key part of the strategy,” says Mr. Cabañas. ”Benchmark is evaluating gateway cities such as New York, Chicago, Los Angeles and others.  We will look to further growth opportunities in Europe for our management, operational and asset management services.”

Benchmark’s interest in the etc.venues business is rooted in a long history of leadership and strategic opportunity in the conference center and corporate real estate services space. Both CEOs are well-acquainted through their involvement with IACC, formerly known as the International Association of Conference Centres.

Several important trends in both travel and real estate influenced this new partnership. Consumer preferences are trending towards experiential travel, on demand services/amenities, and shared/collaborative spaces. As office buildings and commercial real estate evolve with “guest-centric, hotel-like” services, this mixed-use platform aims to attract real estate owners and managers looking for a diverse-portfolio, one-stop-shop operator. Conference planners and potential hotel owners will also find many new options and advantages.

“Consequently, career opportunities for our teams will be enhanced,” says Alex Cabañas. He highlights that both Benchmark and etc.venues are committed to employee engagement and development and to strong programs of community involvement at every property. “Culturally, operationally and sales & marketing-wise, Benchmark and etc.venues are a perfect fit.”

 

Photography Link Here: https://www.dropbox.com/sh/hetaiobf6qmpdkv/AACYTXYP-fFuJjo4QVedBPlya?dl=0

 

About etc.venues

etc.venues is a leading provider of contemporary city centre non-residential venues.  It has 15 UK venues and specialises in the conference, meetings, training & events market, hosting 750,000 delegates a year at 17,000 events in over 250 rooms. In 2017 it opened 68,000sqft of conference and event space at London’s iconic, listed riverside venue County Hall, and opened its first Manchester venue.

About BENCHMARK®, a global hospitality company

BENCHMARK®, a global hospitality company, is a trailblazer in the development, management, marketing and owner-advisory services of resorts, hotels, conference centers and exclusive private clubs. In addition to the company’s iconic Benchmark Resorts & Hotels portfolio, the Gemstone Collection is a distinctive luxury portfolio of independent hotels & resorts in highly preferred destinations.  BENCHMARK’S distinguished and proven reputation is deeply-rooted in core values that are focused and aligned with exceeding ownership and stakeholder performance expectations. The combined portfolios feature nearly 70 unique and distinctive properties domestically and internationally. The company leadership and valued employees are passionately committed to delivering the industry’s most authentic, enchanted, soulful, vibrant, unrivaled and memory-making experience.  BENCHMARK’S progressive “Be The Difference” culture and values are a cornerstone to the company’s nearly 40 years of extraordinary achievement and prosperity. Many properties have been recognized with the Benchmark Conference Centers® mark of meeting excellence.  BENCHMARK, a global hospitality company, is based in The Woodlands (Houston), Texas, and has regional offices in Park City, Utah; Miami, Florida; 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 https://www.pinterest.com/benchmarkhotels/gemstone-hotels .  At LinkedIn,  www.linkedin.com/company/benchmark-hospitality.

News Release

GENCOM UNVEILS $25 MILLION RENOVATION OF ROSEWOOD BERMUDA

Gencom, a leading Miami-based investment firm that invests in high end hospitality and residential real estate globally, today unveils the $25 million extensive renovation of the ultra-luxury Rosewood Bermuda, located in Tucker’s Point. The renovation comes on the heels of Gencom’s successful acquisition of the renowned property in May 2017.  The investment further underscores the firm’s steadfast commitment to the long-term growth of the island’s tourism and hospitality sector, complementing Bermuda’s strong tourism economy and visitation, as well as Bermuda Tourism Authority’s strategy to reintroduce the island as a contemporary, multi-generational destination. Bermuda benefits from direct flight access from Europe and the eastern coast of the US, making it a natural destination for international travelers in search of an island destination offering unparalleled luxury accommodations.

Gracing approximately 240 acres of the most beautiful waterfront master development in Bermuda and neighboring the impressive estates of Tucker’s Town, the modernized resort features 88 elevated guestrooms; a redesigned lobby; an enhanced Beach Club; an upgraded Golf Clubhouse; reimagined dining outlets; a vibrant new bar that is a popular gathering spot for locals, resort guests and the private member’s club alike; and a revitalized spa with new wellness and fitness offerings.

“Bermuda is experiencing a tourism renaissance, and we are pleased to help support the island’s revitalization by providing an unparalleled resort destination for discerning international travelers,” said Karim Alibhai, founder and principal of Gencom.   “We are excited to partner with Rosewood Hotels & Resorts to re-set the bar for luxury travel on the island.”

The resort’s redesign seamlessly combines the elegance of the island’s colonial English heritage with the vibrancy of its native culture for a unique and authentic Bermudian experience. The design of the guestrooms and suites, lobby and new lobby bar were led by Dawson Design Associates.  London-based designer, Alexander Waterworth Interiors Ltd., was responsible for the redesign of the resort’s signature restaurant and bar, Beach Club and Golf Clubhouse.

“The renovation is a testament to Rosewood Bermuda’s commitment to providing unmatched luxury accommodations, the highest level of service, and modern amenities that appeal to today’s luxury, global travelers,” said Paul Telford, managing director of Rosewood Bermuda.

Lobby

Upon arrival, guests are welcomed into an elegant and intimate lobby, more akin to a private manor house than a resort. Rosewood Bermuda’s 88 guestrooms and suites have been transformed into intimate, residential-style retreats, featuring bespoke furniture, contemporary local art and a soft color palate punctuated with azure blue accents.

The all-new Conservatory Bar and Lounge is a popular gathering space for resort guests, the private member’s club and locals where they can enjoy hand-crafted British gin cocktails and spirits enhanced by fresh herbs, house-made infusions and the latest mixology techniques.  With its twin fireplaces, black and white hand-painted tile floor and elegant beamed ceilings, the new bar is a fusion of both old and new.  Boasting local art, casual and inviting décor and relaxed, friendly Bermudian service, the bar is complemented by the intimacy of the new courtyard, which brings a rustic accent to the space.

New Culinary Concepts and Cocktail Destinations

Rosewood Bermuda’s existing culinary venues have been re-conceptualized to provide elevated dining experiences that celebrate local ingredients and serve Bermudian-inspired cuisine in contemporary settings:

• The resort’s signature restaurant, now known as the Island Brasserie, is a vibrant and informal space serving elevated island comfort food. The adjacent Tucker’s Bar has transformed into a rum bar dedicated to teaching guests about the history of the island’s signature spirit.
• Inspired by Bermuda’s bustling fish markets, the reimagined Beach Club restaurant boasts imaginative, island-inspired cocktails and a menu of fresh, locally-sourced seafood dishes.
• Sul Verde, the Golf Clubhouse restaurant, offers an authentic Italian menu and warm, convivial atmosphere. The Grille Room has also undergone a full refresh.

Elevated Beach Club

Located on Bermuda’s largest private, pink sand beach, the refreshed Beach Club continues to be the ultimate destination for sun-soaked relaxation.  In addition to the reimagined Beach Club restaurant, enhancements include chic new cabanas, umbrellas, pool and beach furniture, and expanded luxury services and amenities

Golf

The Tucker’s Point Golf Clubhouse features updated décor and new, state-of-the-art amenities that take the golf experience to the next level and further the sense of community amongst the members and the resort guests.

Cliff Drysdale Tennis

In partnership with Cliff Drysdale Tennis, one of the world’s most esteemed tennis management companies, Rosewood Bermuda is launching a comprehensive new tennis program. Under a dedicated, Cliff Drysdale trained tennis director, Cliff Drysdale’s signature tennis programs, leagues, and events will be offered to guests and members.

Enriched Heath & Wellness Experiences

To further enhance Rosewood Bermuda’s health and wellness offerings, the property now features a modernized 12,000 square-foot Sense®, A Rosewood Spa. In conjunction with the renovation, the resort has also appointed a new spa director who has seamlessly integrated the essence of the island into a series of new health and wellness experiences.  Additionally, an upgraded fitness center boasts brand new Technogym equipment and a variety of new fitness programs.

New Children’s Program

To complement the refreshed kid’s club and children’s pool, Rosewood Bermuda introduces Rosewood Explorers, a new children’s program designed to inspire creativity and a passion for learning through a series of immersive workshops, classes and journeys.

New Real Estate Offerings

For visitors who are looking to make Tucker’s Point a permanent or vaction home base, Tucker’s Point Real Estate is offering fully renovated fractional units branded as the Tucker’s Point Private Residence Club and residential developable lots, including ocean front lots and lots oriented towards the golf course for luxury home development.

To make reservations at Rosewood Bermuda, call +1.441.298.4000 or book online at https://www.rosewoodhotels.com/en/bermuda.

About Rosewood Bermuda

A destination in itself, Rosewood Bermuda is the centerpiece of Tucker’s Point, Bermuda’s premier resort, golf and beach club and residential community. Gracing 240 of the most beautiful coastal acres on the island, the award-winning, tropical hideaway neighbors the estates of Tucker’s Town and offers breathtaking vistas of Castle Harbour, Harrington Sound and the Atlantic Ocean.  With just 88 rooms and suites, guests feel they are part of an elite club with exclusive access to the largest private pink-sand beach on Bermuda as well as the island’s finest amenities. The resort features five distinct restaurants and bars including the new Conservatory Bar, Island Brasserie, Tucker’s Bar, Sul Verde and the Beach Club Restaurant.  Additional amenities and recreational facilities include a 12,000 square foot Sense®, A Rosewood Spa, state-of-the-art fitness center, the Beach Club, Golf Clubhouse, dive and water sports center, tennis courts, croquet lawn and four pools.

Visit https://www.rosewoodhotels.com/en/bermuda for additional information or follow the latest news through the hotel’s social media channels on Twitter & Instagram @RosewoodBermuda or on facebook.com/rosewoodbermuda.

Second Resort Purchase within 1,400-Acre Peninsula Papagayo Underscores U.S. Investment Firm’s Vision Toward Major Transformation of Latin America’s Premier Resort and Residential Destination.

MIAMI–(BUSINESS WIRE)–Gencom, a leading Miami-based international luxury hospitality and residential real estate investment and development firm, today announces the acquisition of Andaz Costa Rica Resort at Peninsula Papagayo by a Gencom affiliate, Papagayo Partners Ltd., in conjunction with local real estate developer Sinergo Development Group S.A. Following the August 2016 purchase of the 1,400-acre Peninsula Papagayo and Four Seasons Resort Costa Rica, this marks the second resort investment for the new ownership guided by Gencom on Peninsula Papagayo, a premier resort and residential destination in the Guanacaste province of northwest Costa Rica. The acquisition of Andaz Costa Rica Resort at Peninsula Papagayo also signals the ownership group’s steadfast, continued commitment toward a major transformation and preservation of Peninsula Papagayo. Key developments include new capital improvements to Andaz Costa Rica Resort at Peninsula Papagayo plus a major renovation of Four Seasons Resort Costa Rica as announced in July 2017 along with new peninsula-wide amenities, enhancements and first-ever experiences designed to connect and celebrate the peninsula as a unified destination a world apart. (Full Press Release link below)

http://www.businesswire.com/news/home/20171004005314/en/Gencom-Led-Ownership-Acquires-Andaz-Costa-Rica-Resort

By: Raymond Hainey

Bermuda’s new airport was a “game changer” in a decision to buy the luxury Rosewood Tucker’s Point hotel, the new owner said.

Karim Alibhai, head of Miami-based international hotel company Gencom, said the airport was a major factor in the decision to buy the resort, which went into receivership in 2013 and was put on the market two years ago.

Mr Alibhai said: “Once the new airport opens that should definitely be a big game changer.”

He added: “It was quite important — airlift is a very important part of our business. We’ve seen businesses conceived very, very well but they have not taken account of good airlift.

“We also see Bermuda as a market that can be expanded — what we are doing is expanding the market to other parts of the US as they get to know Bermuda is a great destination.”

Mr Alibhai said: “Until two years ago, it was our perception that Bermuda had seen its best years.”

But he added that a combination of factors, including the work of government and the Bermuda Tourism Authority, which had “a positive impact” on the tourism business, had changed Gencom’s view.

Mr Alibhai said the firm planned to invest $25 million in a major revamp of Tucker’s Point — with further development in the future. The hotel will be closed for three months from the start of next year for renovations and will reopen in April with the new name of Rosewood Bermuda.

Mr Alibhai added: “When we looked at the different things that were being planned, we could come in, make the investment and get what we and our investors need to make a return.”

The 53-year-old businessman started his hotel empire with just one property — a two star Best Western hotel in Houston, Texas bought when he was aged just 19.

He founded Gencom 30 years ago and the group now has a total of 75 properties in its portfolio, some managed by Gencom’s affiliate Benchmark Global Hospitality and which includes hotels in North America, Latin America, Europe and the Caribbean.

The group includes four-star resorts and conference centres.

Mr Alibhai said: “We were looking for situations with opportunities. What drew us into Bermuda? It’s a combination of things that got us attracted.

“A lot of our business plan is acquiring businesses that are depressed, investing in them and making them successful.

“We saw here a project with all the elements to be successful but one that got caught up in a combination of the financial crisis and an overspend when it was constructed.

“But, at the same time, under the right ownership, it’s a hotel with the potential to be very successful.”

Mr Alibhai added that the America’s Cup, although “it did not drive as much business to the hotels as expected” it was a marketing triumph.

He said: “As far as the publicity goes, I think that’s huge. It reminded people this is a great destination — I’m pleased with the marketing impact.

“It’s a sizeable investment to make in Bermuda, but that’s because we really feel the potential is there.

“Short term, we see the demand begin to grow as the BTA does its marketing and we do our marketing.”

Mr Alibhai said he welcomed plans to bring other major hotel brands to the island, like Ritz Carton at the new Caroline Bay resort at Morgan’s Point in Southampton.

He explained: “We don’t look at that as competition — that’s a positive aspect. It will expand the airlift and have passengers coming in.

“We’re very excited about being in Bermuda and our future.”

By Barbara Bohn on 12/4/2017

Karim Alibhai has extensive hotel experience: Acquisitions. Development. Driving the airport shuttle.

The 53-year-old Alibhai, principal of Miami-based Gencom, founded his company in 1987 but had worked at his family’s Best Western hotel in Houston, where he’d finished college, “doing almost every job,” he said.

By 1997, Gencom, a hospitality and residential real estate investor and developer, asset manager and marketer, had grown to own or part-own 50 3- and 4-star hotels in the U.S. with a portfolio topping US$200 million. As it grew, it increased in stars and territory, acquiring and repositioning hotel and mixed-use assets including Ritz-Carltons, where he developed the brand’s first residences.

Today, the portfolio includes five Ritz-Carltons, among other luxury flags, and Gencom assets are valued at more than US$1.5 billion.

But Gencom’s most ambitious move was announced in August 2016: 1,400 acres of Peninsula Papagayo, on Costa Rica’s Pacific coast. The acquisition, from a private foundation, included an 18-hole golf course and clubhouse, 180-slip marina, beach club and 181-key Four Seasons, whose minority owner was Four Seasons Hotels and Resorts.

That initial purchase totaled about US$250 million; the Four Seasons has undergone a US$35 million renovation due to be complete this month, and another US$95 million will been spent on other improvements across the peninsula.

That’s not all: In October, Gencom purchased the 153-room Andaz Costa Rica Resort on the peninsula from a private family. Other development plans include additional residences and at least two other brands, all luxury.

“What we hope to ultimately create is (has) no matching development in the world with all the components that we’re trying to announce very soon and create in one development,” Alibhai said. “We believe that if we can finish what we have got in our master plan, it would be unrivaled with any of these other situations.”

He’s not looking to replicate Papagayo elsewhere. “It’s not a one-size-fits-all kind of approach,” he said.

‘A jewel’

While Papagayo lacks perfect comparisons, the acquisition is consistent with Alibhai’s recent investment strategy. Gencom’s history includes “ground up, day one” projects and distressed or mismanaged properties with hidden potential.

“Someone had spent a fortune 15 years ago creating the infrastructure, creating a destination,” he said of Papagayo, hobbled by the 2008 recession, which he called “a jewel that needed to be polished,” with all the makings of a successful long-term play.

April’s purchase out of receivership (of about US$60 million, according to sources) of the 88-room Tucker’s Point Hotel & Resort, a Rosewood brand in Bermuda, is another example. Gencom is investing millions to renovate and add residential.

“What we prefer to do is go find the best site, the best land or the best buildings and then work with one of these luxury brands and convert to them… If we’ve got the right start with real estate, they have the engines to make it very successful.” — Karim Alibhai

What Alibhai saw in Bermuda was a precipitous drop in available hotel rooms, a world-class location and resort, and a basis that “made a lot of financial sense to make that kind of investment to take it to the next level,” he said. Gencom is willing to invest even though “one could say this was the eighth, ninth or 10th inning of this recovery cycle.”

Coming around

“In the past, Karim was a true private-equity guy, a true development guy,” said Homi Vazifdar, CEO and managing director of Larkspur, California-based Canyon Equity, which owns 42 acres of Peninsula Papagayo. “He’s come around to more of a generational owner as opposed to a hit-and-run owner.”

At press time, Canyon Equity was negotiating with an ultraluxury brand on the peninsula (it’s not working with Gencom on the project). Papagayo is “very ambitious,” Vazifdar said. “They bought a village. And it’s sort of a labor of love.”

He adds, “It’s all about vision, it’s about passion – it’s passion and profit, basically.”

A labor force trained in hospitality is one of several challenges ahead, said Scott Berman, U.S. hospitality and leisure practice leader for PwC im Miami.

“While Costa Ricans are highly educated relative to others in the region, (they are) largely untrained in the leisure sector.” Over-commercialization is also a risk. “That’s where government has a responsibility to manage scale and positioning,” including investment in, say, employee housing, Berman said.

Berman, who has advised on Costa Rica since 1989, said the key to a destination with dependable and plentiful airlift is around infrastructure (check), hotel rooms (check) and positive feedback on social media (check).

“The destination does have these success criteria in place to appeal to investors, developers, lenders, from the real estate perspective,” Berman said.

Shifting into residential

Gencom shifted into luxury mixed-use developments in the ’90s, when it moved to Miami. Alibhai’s business partner at the time was Sherwood “Woody” Weiser, who died in 2011; Weiser’s Continental Companies had developed the city’s Grand Bay Hotel. The plan was to develop a parcel in Key Biscayne, across the bay from Miami, into a Grand Bay brand, but financial market trouble in 1998 prompted a change in direction, Alibhai said.

That parcel became the basis of an agreement between Gencom and Ritz-Carlton for a hotel and the brand’s first residences. Gencom still holds an interest in the hotel and is one of the largest owners of Ritz-Carltons, with six in its current portfolio.

Rendering of the new lobby for the Four Seasons in Papagayo, Costa Rica.

Alibhai wouldn’t say no to developing his own brand. “But we are actually pretty happy having the flexibility to be an owner and/or developer under some of these multiple, very respectable brands,” he said.

“What we prefer to do is go find the best site, the best land or the best buildings and then work with one of these luxury brands and convert to them. Because we feel that if we’ve got the right start with real estate, they have the engines to make it very successful from both the residential and hotel viewpoint.”

In addition to the luxury portfolio, Gencom holds Benchmark, A Global Hospitality Company, a third-party manager of unbranded hotels, resorts and conference centers that was a merger of Gencom’s Gemstone Hotels & Resorts, purchased in 2015, and Burt Cabanas’ Houston-based Benchmark. Today, the company has almost US$800 million in revenue and about 75 properties under management.

“We’re looking to grow that company and further invest in acquiring mainly independent hotels and resorts but also some conference centers,” Alibhai said. Single assets and portfolios are being sought, along with other management companies “if they make strategic sense.”

Open-minded approach

Alibhai’s curiosity, if not his vision, extends back to East Africa – Kenya, to be specific, where he was born, and where his family spent a few generations after leaving India. He’s considering opportunities with a non-hospitality company owned by his uncle and cousin.

It reminds him of his immigrant roots: “I would have never fathomed or dreamed of the fact that there would be opportunities to do luxury ventures… America affords everyone an equal chance to make it. It is the best country in the world.”

Is Alibhai big enough for his big vision? “Well, he thinks so,” Vazifdar said. “It’s a very, very different mindset, and to his credit, he is slowly developing that. He’s going to be just fine.”

Vazifdar adds that Alibhai is the one guy, when markets were bad and he was having a hard time, who always pulled himself up by the bootstraps and started over again and made it successful all over again. He’s an extremely resilient guy.

Read original story here: www.hotelsmag.com/Industry/News/Details/76869

Investment coincides with Bermuda’s strengthening economy and reemergence as a top international destination

US-based Gencom plans $25 million renovation at the 200-acre property, including the addition of luxury residential real estate and fractional ownership opportunities

Miami, Florida – May 18, 2017 – As Bermuda regains its status as a favored island destination among elite travelers around the world, one of the island’s landmark resorts has been acquired by a U.S.-based investment firm. Rosewood Tucker’s Point Hotel and Resort has been purchased by an affiliate of Gencom, a Miami, Florida firm that owns and develops prized hospitality and residential real estate around the world. The resort will remain under the management of Rosewood Hotels & Resorts, which has managed the property since 2011. News of the acquisition came with the announcement that the Gencom-led purchaser will invest an additional $25 million in a comprehensive renovation at the 200-acre property, as well as additional follow-on commitments for future development. Financial terms of the transaction were not disclosed.

The award-winning property is located within the secluded and picturesque Tucker’s Town area of Bermuda, home to “Billionaires’ Row”, celebrities and international elites. Gencom’s purchase is another sign that Bermuda’s tourism economy is thriving. The island will host the 35th America’s Cup beginning on May 26, 2017, new airline carriers and routes have launched, and the Bermuda Tourism Authority recently unveiled a new branding and marketing campaign that will target luxury travelers around the world.

The 88-key Rosewood Tucker’s Point resort is situated on a lushly landscaped property spanning three pristine coastlines. Amenities include an 18-hole golf course at the noted Tucker’s Point Golf Club, a beach club featuring an expansive private beach, tennis center, dive and watersports center, four swimming pools, four restaurants, and a 12,000 square-foot spa. Rosewood Tucker’s Point was named a Forbes Travel Guide Four-Star resort in 2017.

“Gencom’s decision to acquire Tucker’s Point reflects our firm’s longstanding strategy of unlocking value by targeting one-of-a-kind assets in markets that we consider undervalued and poised for long-term growth,” explains Gencom President Karim Alibhai. “Bermuda benefits from direct flight
access from Europe and the eastern coast of the US, making it a natural destination for international travelers and residents in search of an island destination offering luxury accommodations.”

“Benefitting from a picture-perfect location, the strength of the Rosewood brand, and amenities capable of impressing the most discerning travelers, Tucker’s Point is already a sought-after international destination,” said Alessandro Colantonio, Senior Vice President of acquisitions for Gencom. “Our repositioning and renovation plans will further enhance the resort’s appeal, while creating new opportunities for residents looking for a place to call home in Bermuda.”

Gencom intends to elevate every aspect of Rosewood Tucker’s Point, from renovating the guest rooms and public spaces, to adding new food and beverage venues and meeting spaces. In addition, Gencom plans to develop, market and sell branded and unbranded luxury real estateproperties including townhomes, single-family homes, villas and condo-hotel units oriented toward the waterfront and golf course. Gencom will also sell an existing inventory of fractional ownership units branded as the Tucker’s Point Private Residence Club.

“The Government is thrilled to welcome Gencom to the Bermuda hotel family. Gencom’s proven expertise and long history with leading hotel brands makes for perfect participation in the bright future of Bermuda tourism,” said Sen. the Hon. Michael Fahy, Minister of Tourism, Transport &
Municipalities. “This investment is another indication of confidence in Bermuda, further demonstrating that a tourism renaissance is alive and well.”

“The acquisition of Rosewood Tucker’s Point signals growing international interest in hospitality investment in Bermuda,” adds Roland Andy Burrows Jr., chief investment officer of the Bermuda Tourism Authority. “Gencom’s investment will bring direct and indirect impact to Bermuda’s
economy and tourism sector as we strengthen the island’s brand as a premier destination.”

Jones Lang LaSalle represented the seller in the transaction. The financial and operational restructuring of the various Tucker’s Point seller companies in receivership was led by Roy Bailey and Keiran Hutchison of EY Bermuda Ltd. Financing was provided by HSBC Bermuda.

 

Four Seasons Resort Costa Rica at Peninsula Papagayo Announces $35 Million Resort Re-Imagination with December 2017 Debut
New Era of Locally-Inspired, Globally-Considered Modern Luxury Coming to the Only Forbes Five-Star Resort in Central and South America

GUANACASTE, Costa Rica–(BUSINESS WIRE)–Four Seasons Resort Costa Rica at Peninsula Papagayo, the only Forbes Five-Star luxury resort in Central and South America, announces a USD 35 million extensive re-imagination that will bring a striking new interpretation of modern eco-luxury and meaningful explorations to Costa Rica’s north Pacific coast in December 2017. Active families and couples, nature enthusiasts, bold adventure seekers and more will discover a world apart at the re-imagined Four Seasons Resort Costa Rica located on a strait of back-to-back sandy beaches within the premier eco-tourism destination of Peninsula Papagayo.

MIAMI–(BUSINESS WIRE)–Gencom, a leading Miami-based international luxury hospitality and residential real estate investment and development firm, today announces a more than USD 100 million investment toward a major transformation of Peninsula Papagayo, a 1,400-acre premier residential and resort destination in the Guanacaste province in northwestern Costa Rica. Beginning in December 2017 with the debut of the re-imagined Four Seasons Resort Costa Rica, this investment will signal the launch of a long-term plan to connect and celebrate the sprawling peninsula from end to end for the first time, bringing an unprecedented new level of meaningful eco-luxury and transformative experiences to the Americas.

“We are deeply proud and excited that our vision for the evolution of Peninsula Papagayo will give discerning travelers and homeowners compelling new reasons to discover Costa Rica as an enchanting and unparalleled luxury gateway to the Latin America region,” said Karim Alibhai, founder and principal of Miami-based Gencom. “As we invest in carefully shaping and preserving Peninsula Papagayo as an eco-rich paradise for generations to come, we look forward to also defining and bringing great awareness to the meaningful ultra-luxury segment of Costa Rica’s thriving tourism and real estate industries.”

With the completion of this upcoming capital improvements project, homeowners, resort guests and visitors to Costa Rica will experience the natural wonders of the 1,400-acre biodiverse peninsula through a combination of new builds; major enhancements including the multi-million renovation of Four Seasons Resort Costa Rica; first-ever Peninsula Papagayo amenities; transformative only-here explorations; and an ongoing focus on sustainability and wellness including a peninsula-wide network of more than eight miles of nature trails designed to integrate man and nature and help preserve one of the most extraordinary biological corridors on the planet.

“The momentous enhancements underway at Peninsula Papagayo are significant not only to Costa Rica’s flourishing tourism industry that is important to the economy, but to the country’s position as a thought-leader in the preservation and celebration of the native landscape and authentic local culture,” said Manuel Ardon, chief operating officer of Peninsula Papagayo. “As a native Costa Rican, I am very grateful that the vision for Peninsula Papagayo will bring more travelers from around the world to discover the peninsula’s 1,400 acres of incredible biodiversity and eco-rich land.”

This significant investment toward the continued transformation and preservation of Peninsula Papagayo will include:

• A major renovation of Four Seasons Resort Costa Rica, the only Forbes five-star resort in Central and South America; the resort makeover features a locally-inspired yet globally-considered modern design aesthetic from Meyer Davis Studio spanning all 181 guest room, suites and villas; the expansive lobby; five culinary venues plus an all-new Añejo bar and Library lounge; and the signature pool area along with the introduction of new guest experiences rooted in a connection to self and nature
• A new peninsula-wide network of more than eight miles of nature trails that will connect guests with nature while preserving the bio-diverse corridor
• A new Macaw sanctuary designed to cultivate this native species through conservation and educational programming
• An enhancement of Marina Papagayo — a 180-slip luxury marina that is a premier destination for superyachts — with a new restaurant and lounge, gourmet grocery market and an array of new yacht charter offerings
• An enhancement of Peninsula Papagayo Golf Club that features an 18-hole Palmer Signature Course, five tennis courts (four Har-Tru courts and one grass court) and a signature restaurant
• A new Papagayo Explorers Club — a program of only-here experiences across active adventures, culture, wellness, fitness and volunteerism ranging from exhilarating spinner dolphin explorations and mountain biking to cheese making and pottery sessions with local artisans
• A continued investment in the growth of Creciendo Juntos — a nonprofit association founded by Peninsula Papagayo that supports the development of local Guanacaste communities including schools and a children’s clinic through various educational, health and leadership programs; resort guests and homeowners can help make an impact through immersive volunteerism opportunities
• An ongoing focus on sustainability and land preservation — which is the heart of Peninsula Papagayo — through the growth of environmental, maritime, archaeological, social and educational initiatives and an increased investment in the research and development of new programs

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, U.K. and across Central America. It is home to 11 miles of dramatic coastline, eight miles of majestic bluff edges, seven sandy beaches and one of the few tropical dry forests on the planet.

Original Story Here: https://www.businesswire.com/news/home/20170711005861/en/100-Mill

The Hottest Restaurants in 15 American Cities

Boston: Cultivar 
Mary Dumont’s New American in the Ames hotel offers creative fare made with vegetables plucked from on-site hydroponic gardens, responsibly raised meats and a bar program that stresses botanical gins in inventive cocktails.

Must-order: We’re obsessed with the vibrant flavors of Dumont’s yakitori morels and fiddleheads, served with fava bean hummus that is spiced with lemon
thyme, furikake and Meyer lemon.

Insider tip: Though it’s easy to veer veggie here, don’t miss the meat dishes. Dumont put our past 30 Under 30 honoree Brian Young at the helm of a dry-aged program offering selections like the rib-eye for two, accompanied with bone marrow–roasted potatoes, pickled mustard seeds and, yes, loads of veggies.

1 Court St.; 617-979-8203

(excerpt from Zagat July 11,2017 15 Hottest Restaurants in 15 American Cities)

Full Article: https://www.zagat.com/b/the-hottest-restaurants-in-15-american-cities?zagatb

Photos, story by Cassie Hepler

What was once a frilly bank, you can now sit and dine in marble splendor at celebrity chef and restaurateur Richard Sandoval’s first restaurant in Philadelphia, Aqimero.

To make things even more fancy pants, the Ritz-Carlton hotel got a makeover where the restaurant is the hub in the middle by the skylight and chandeliers. And don’t worry, your broke ass can now afford to enjoy the ambiance with an ever-changing happy hour at the bar only, beginning with $1.50 Oysters, $7 cocktails, $6 wines and $5 draft beers Monday through Friday from 4 p.m. to 6:30 p.m. Or you can try the bottomless brunch option on weekends with or without drinks.

The restaurant is part of a multi-million dollar redesign at the hotel, which also includes new guest rooms, meeting spaces and a refreshed lobby. The 206-seat restaurant is located in the marble lobby, which is modeled after the Pantheon in Rome (with the same marble stone), and serves breakfast, lunch and dinner.

When we popped in for a quick tasting, new to the team chef Michael Boné from Florida was preparing our surprise menu with the telltale “made from scratch” approach and focused on sustainable seafood for us but also has steaks, ribs and poultry. Guests can select hand-blended marinades to complement their grilled fish or meat of choice, which boasts a unique flavor from the restaurant’s wood-fired grill and smoker. Spanish Octopus, Ahi Tuna, U12 Shrimp, King Pacific Salmon, Wild Striped Bass, Whole Maine Lobster, Filet Mignon, Rib Eye, Skirt Steak, Porterhouse, Jidori Half Chicken and BBQ Lamb Ribs will be staples, with seasonal and specialty items available.   A whole-roasted snapper will be served “Mexican beach campfire style” with a rich tomato and chili adobo, avocado, warm tortillas, chayote slaw & limes.  The Seafood and Raw Bar offers a combination of raw bar favorites including Mussels, Clams, Oysters, Shrimp Cocktail and Lobster Tail, alongside an impressive assortment of unique sushi and ceviche. Salads and savory sides round out the menu, with refreshing, seasonal craft cocktails, an international wine list and wide selection of Mezcal, which is currently hovering around 60 but aiming for 70, the largest selection in the city.