Gencom Secures $300M Refinance Loan From Blackstone For The Ritz-Carlton Key Biscayne

455 Grand Bay Drive

$300,000,000

Building Size

—

Asset Type

Hotel

Closing

May 19, 2025

AI

The Ritz-Carlton Key Biscayne, located at 455 Grand Bay Drive in Miami, is a hotel asset that recently secured a refinancing loan amounting to $300,000,000. The facility is aimed at funding major renovations, which includes upgrades to guest rooms, amenities, and public spaces.

Summary of transaction details:

Property Type: Hotel
Transaction Amount: $300,000,000
Lender: Stephen A. Schwarzman & Tony LaBarbera - blackstone-real-estate-debt-strategies'>Blackstone Real Estate Debt Strategies
Landlord: Karim Alibhai - Gencom; Edgardo Defortuna - Fortune International (Key Bay Club LLLP)
Loan Type: Refinance

In this transaction, Gencom is the primary landlord, and they formed a joint venture with Fortune International’s Key Bay Club to develop a unified 22-acre beachfront masterplan which will feature over 1,200 feet of ocean frontage. This collaboration aims to enhance the overall appeal and functionality of the location.

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