Ritz-Carlton Key Biscayne to Undergo $100M+ Renovation as Gencom Partners with Grand Bay Club
- wgclients01
- 2 days ago
- 2 min read
Gencom, a global hospitality and real estate investment firm, has closed on a $300 million debt facility to refinance existing debt and fund a sweeping renovation of The Ritz-Carlton Key Biscayne, Miami. The financing, led by Blackstone Real Estate Debt Strategies, supports a transformative $100+ million renovation aimed at reimagining the iconic resort.
Originally co-developed by Gencom and opened in 2001, the 455 Grand Bay Drive property is a landmark in South Florida’s luxury hospitality sector. Renovation plans include upgrades to the exterior, guestrooms, lobby, dining venues, spa, pool areas, and fitness center, as well as enhancements to The Club Lounge and the Cliff Drysdale Tennis Center.
In a parallel transaction, Gencom has formed a joint venture with Key Bay Club LLLP, an affiliate of Fortune International Group, through an all-shares deal that merges the Grand Bay Club, located at 425 Grand Bay Drive, into the Ritz-Carlton master plan. The combined 22-acre site will offer over 1,200 linear feet of beachfront and represents a unique assemblage in the South Florida market.
Renovations at the Grand Bay Club are scheduled to begin in 2026 and are expected to be completed by summer of that year. The improvements aim to elevate the exclusive private club and further integrate it into the broader resort experience.
“The partnership with the Grand Bay Club is a strategic extension of our long-term commitment to Key Biscayne,” said Karim Alibhai, Founder and Principal of Gencom. “Together, these upgrades will solidify the island’s status as one of South Florida’s premier beachfront destinations.”
Edgardo Defortuna, Founder of Fortune International Group, added, “The combination of these two legacy properties results in a rare beachfront asset that enhances the value of both.”
Blackstone’s Managing Director Tony LaBarbera highlighted the firm’s role in facilitating the financing, stating, “We’re proud to back the transformation of this storied resort with a creative, large-scale solution.”
With nearly $8 billion in assets under management, Gencom’s luxury hospitality portfolio includes properties under prestigious brands such as Ritz-Carlton, St. Regis, and Four Seasons. Fortune International has been a leading real estate player in Key Biscayne for over three decades.
For more information, visit www.gencomgrp.com.