Miami-based hotel developer and investor Gencom has unveiled plans for a $100 million renovation of the Ritz-Carlton Key Biscayne, which it bought in one of the largest U.S. hotel deals in the past year.
Offering 420 keys and 600 feet of beachfront access at 455 Grand Bay Drive on the island of Key Biscayne, the renovation will be the first for the 275,000-square-foot resort since it opened in 2001. Gencom bought out its partner, Brookfield Asset Management, for full ownership of the hotel located six miles south of downtown Miami, in a deal that closed in the first quarter, according to regulatory filings.
“These enhancements will allow the property to remain competitive in the region’s increasingly sophisticated hospitality landscape, while further elevating Key Biscayne as a premier destination,” said Karim Alibhai, president of Gencom, in a statement.
Plans for what Alibhai described as a “transformative” renovation include a fresh, modern color palette for the hotel’s aging yellow façade, and a design meant to evoke Key Biscayne’s "delicate natural environment," according to the statement. Soft natural tones, greenery and textures that reflect the ocean and nearby beaches will be incorporated into each of the hotel’s spaces, including guestrooms, spa and amenities.
The hotel’s lobby will also be renovated with a new east-facing glass façade, while the Spa at the Ritz-Carlton Key Biscayne will include homages to the mangroves, limestone and ocean, the statement said.
The hotel’s six restaurants — RUMBAR, Cantina Beach, Dune, Scoop, Stefano’s and Key Pantry — are expected to be refreshed. However, a new, as-of-yet unannounced signature restaurant is in the works, the company said.
Upgraded swimming pools, fitness center, The Club Lounge, and the hotel's Cliff Drysdale Tennis Center — the largest tennis facility of any Ritz-Carlton resort — are also in the works, as are improvements to the hotel's 37,000 square feet of indoor and outdoor meeting and event space.
Leading the redesign of the 17-acre property is New York-based Hart Howerton, while public spaces were handled by Design Agency and guestrooms by Chapi Chapo Design. Gencom has already started the renovations and plans to complete the project by the end of this year.
“The transformation represents a remarkable investment in the property’s future that will create an elevated hospitality experience for new and returning guests,” said Alessandro Colantonio, chief investment officer at Gencom, in the release.
Gencom has pursued a string of major deals over the past few years. After announcing its acquisition of the Ritz-Carlton Key Biscayne, the company bought the Thompson Central Park for $308 million. In 2023, it acquired the St. Regis Chicago for $93.99 million and the Hyatt Regency Miami Riverbridge in December 2021, where it plans a major redevelopment. It also recapitalized its Fairmont Southampton resort in Bermuda for $550 million and refinanced the Rosewood Bermuda last year.
Gencom's portfolio totals nearly $8 billion in assets under management, comprising over 200 properties and more than 2 million square feet of meeting, event and flexible office space.