Miami, FL (PRWEB) June 22, 2011
Gencom and The Continental Companies, through a joint partnership, have completed the acquisition of the 115-room The Ritz-Carlton, Coconut Grove, located in Miami, Florida, today announced Karim Alibhai, founder and principal of Miami-based Gencom. The transaction price was not disclosed.
Built in 2002, The Ritz-Carlton Coconut Grove is a AAA 5-Diamond luxury boutique hotel located in the heart of Coconut Grove, Miami’s historic bayfront neighborhood. Inspired by the Italianate style of Villa Viscaya, this luxurious Ritz-Carlton includes 19,000 square feet of meeting space and provides an unlimited array of amenities; including the award-winning Bizcaya lounge and a full-service Spa.
A joint venture between Karim Alibhai and Magna RE, Gencom is a leading investment and development firm specializing in hospitality and residential real estate, and is one of the largest owners/developers of luxury-branded hotel properties in the U.S.
The Continental Companies (TCC), led by Brad Weiser, is a Miami-based hospitality and casino development, and operating company. The company was founded by Sherwood M. Weiser and Donald E. Lefton in 1970 to manage, develop and own hospitality properties. Gencom and The Continental Companies are also the owners and developers of the award winning Ritz-Carlton Key Biscayne in Key Biscayne, Florida.
“The acquisition of The Ritz-Carlton, Coconut Grove is an excellent addition to our overall luxury hotel portfolio, and allows us to move forward with strategically focusing on growing the company’s collection of four- and five-star properties,” said Gary Lake, Gencom’s EVP of Asset Management. “Gencom’s established disciplines and complex transaction experience demonstrates our strength as a company, and will be advantageous as we continue to acquire new properties for our portfolio.”
Founded in 1987 by Karim Alibhai, Gencom is a joint venture between Karim Alibhai and Magna RE, a private investment firm controlled by Alfredo Roman. Gencom is a leading domestic and international investment and development firm specializing in the hospitality and residential real estate sectors. By aligning itself with prominent investors and institutional relationships, Gencom has maintained a strong market position with both luxury and mixed-use hotels and resorts with significant residential components, and in other hospitality-related investments that include both portfolios and single assets. The firm continues to opportunistically grow its portfolio holdings in key resort and urban markets in the United States, Canada, Mexico, Caribbean and Europe. Gencom is headquartered in Miami with representative offices in Houston, Buenos Aires and London. For more information, visit http://www.gencomgrp.com.
Brad Weiser is the president of The Continental Companies (“TCC”), a Miami-based hospitality and casino development and operating company founded by Sherwood M. Weiser and Donald E. Lefton in 1970 to manage, develop and own hospitality properties. It has owned and/or operated hotel properties throughout the United States, the Bahamas, the Caribbean, Mexico and South America, and casinos in the United States, Canada and the Caribbean. TCC was established on a strong foundation, which has sustained its growth and profitability for more than 40 years. Through the decades, they have remained committed to offering the highest level of service and integrity in the hospitality industry. That approach to the business – based on adding value whenever possible – is shared by the next generation of TCC’s leaders. Since its founding, TCC’s service, expertise and technology have made it one of the best known and widely respected hospitality development, ownership and operating companies in the country. For more information, visit http://www.tcchotels.com