Gencom finances Ritz-Carlton Coconut Grove acquisition with $62M 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 $62 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.
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