Karim Alibhai Of Gencom Regains Full Ownership Of Ritz-Carlton Coconut Grove With $12M Loan

The property asset involved in this transaction is the Ritz-Carlton Coconut Grove, located at 3300 Southwest 27th Avenue, in the Coconut Grove market. This hotel features 115 keys and consists of two 21-story towers that were completed in 2002. The transaction includes a loan amount of $12 million from Banco Inbursa to facilitate the buyout of Hersha Hospitality Trust’s majority stake in the property.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $12,000,000
• Address: 3300 Southwest 27th Avenue
• Market: Coconut Grove
• Asset Size: 115 Keys
• Lender: Banco Inbursa
• Landlord: Karim Alibhai - Gencom
• Previous Ownership: Regained full ownership by a Gencom affiliate led by Karim Alibhai
• Previous Partnership: Exit from partnership formed in 2017
• Previous Transaction Price: $36 million

Key individuals involved in this transaction include Karim Alibhai, who represents Gencom, the landlord of the property. The financing for this buyout represents a strategic move to regain full control over the hotel, indicating a significant shift in ownership dynamics within the hospitality sector in the Coconut Grove area.