Gencom and The capital of the White Bridge buy waterfront InterContinental Miami hotel, paying about $300 million, Bloomberg reported.
The 34-story property has 652 rooms in 100 Chopin Plazafacing Biscayne Bay, directly off Biscayne Boulevard, sits just south of the Brickell district. The 465,000-square-foot building was built in 1983, and features approximately 90,000 square feet of indoor and outdoor event space and a rooftop pool.
The seller – China Dajia Insurance Groupwhich has owned the asset since 2005 – recently renovated the property.
“InterContinental Miami’s recent capital investment, strong operating performance and diverse mix of leisure, corporate and group businesses provide a solid foundation for long-term value creation for Gencom and its investors,” Ignatius PuigManaging director of acquisitions at Gencom, said in a statement.
Other hospitality acquisitions in the region are included Blackstone‘s buy of 352-rooms east hotel last year.
Gencom’s acquisition comes nearly a year after the Miami-based company purchased at InterContinental New York Times Square for $230 million. In the Miami area, it has The Ritz-Carlton hotels in Coconut Grove and Key Biscayne, which last reopened last year after a $100 million renovation.
Julia Echikson can be reached at jechikson@commercialobserver.com.