Gencom finances Ritz-Carlton Coconut Grove acquisition with $12M loan 

Gencom is retaking full ownership of the Ritz-Carlton Coconut Grove. An affiliate of Miami-based Gencom, led by Karim Alibhai, bought partner Hersha Hospitality Trust’s majority stake in the 115-key hotel at 3300 Southwest 27th Avenue, according to a news release. Gencom and Hersha declined to comment on the sale price, which was not recorded in a public deed.  Gencom financed the purchase with a $12 million loan from Banco Inbursa, records show.  Ritz-Carlton Coconut Grove consists of two 21-story towers completed in 2002 that also include 87 condo units owned by individual investors and 30,000 square feet of indoor and […]This article originally appeared on The Real Deal. Click here to read the full story.