A partnership led by Gencom 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. Blackstone Real Estate Debt Strategies led the financing consortium.
Gencom has a longstanding history of investing in the island of Key Biscayne, having originally co-developed The Ritz-Carlton property at 455 Grand Bay Drive nearly 25 years ago. The improvement plan will enhance the hotel’s exterior façade, lobby, guestrooms, public spaces, six dining spaces, spa, pool areas, fitness center, The Club Lounge, and the Cliff Drysdale Tennis Center.
In tandem with the financing transaction, Key Bay Club, an affiliate of Fortune International Group, has contributed the Grand Bay Club, located at 425 Grand Bay Drive, to a Gencom-led joint venture. The partnership will unite the Hotel and Beach Club sites to create a 22-acre master plan featuring over 1,200 linear feet of beach frontage.
The post $300M Refi to Fund Miami-Area Ritz-Carlton Renovation appeared first on Connect CRE.
​Â
