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).
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