A joint venture led by investment firm Gencom, alongside White Bridge Capital, has acquired the prominent InterContinental Miami hotel. As reported by Bloomberg, the transaction volume for the 34-storey property stands at around USD 300 million.
Prominent waterfront location on Biscayne Bay
The property is located at 100 Chopin Plaza directly on Biscayne Bay, off Biscayne Boulevard and north of the Brickell financial district. Built in 1983, the building has a total floor area of approximately 465,000 square feet and accommodates 652 hotel rooms.
Amenities include around 90,000 square feet of indoor and outdoor conference and event space as well as a rooftop pool area. The vendor of the property is China's Dajia Insurance Group, which had held the asset in its portfolio since 2005 and carried out extensive modernisations prior to the change of ownership.
Ignasi Puig, Managing Director of Acquisitions at Gencom, highlighted in a statement that recent capital investments in the building, robust operational performance, and a well-balanced guest mix across leisure, corporate, and conference travel provide a solid foundation for long-term value performance.
Continued expansion strategy in the hospitality sector
Miami's hotel investment market has recently recorded several major transactions, including Blackstone's acquisition of the 352-room Hotel East last year. For Gencom, the purchase joins a series of high-profile acquisitions.
Just under a year ago, the Miami-based firm secured the InterContinental New York Times Square for USD 230 million. In the Greater Miami area, Gencom also holds The Ritz-Carlton properties in Coconut Grove and Key Biscayne, the latter having reopened last year following a USD 100 million refurbishment.
- —Purchase price: Around USD 300 million for the 34-storey InterContinental Miami
- —Key data: 652 rooms, 465,000 square feet total area, and 90,000 square feet of conference space
- —Vendor side: Dajia Insurance Group after roughly two decades of holding the asset
