Gencom Purchases Rosewood Tucker’s Point
Rosewood Tucker’s Point Hotel and Resort has been purchased by an affiliate of Gencom, a Miami, Florida firm, and the announcement said the “Gencom-led purchaser will invest an additional $25 million in a comprehensive renovation at the 200-acre property as well as additional follow-on commitments for future development. ”
Financial terms of the transaction were not disclosed, and the property will remain under the management of Rosewood Hotels & Resorts, which has managed the property since 2011.
The company said, “The 88-key Rosewood Tucker’s Point resort is situated on a lushly landscaped property spanning three pristine coastlines. Amenities include an 18-hole golf course at the noted Tucker’s Point Golf Club, a beach club featuring an expansive private beach, tennis center, dive and watersports center, four swimming pools, four restaurants, and a 12,000 square-foot spa. Rosewood Tucker’s Point was named a Forbes Travel Guide Four-Star resort in 2017.”
“Gencom’s decision to acquire Tucker’s Point reflects our firm’s longstanding strategy of unlocking value by targeting one-of-a-kind assets in markets that we consider undervalued and poised for long-term growth,” explains Gencom Principal Karim Alibhai. “
“Bermuda benefits from direct flight access from Europe and the eastern coast of the US, making it a natural destination for international travelers and residents in search of an island destination offering luxury accommodations.”
“Benefitting from a picture-perfect location, the strength of the Rosewood brand, and amenities capable of impressing the most discerning travelers, Tucker’s Point is already a sought-after international destination,” said Alessandro Colantonio, Senior Vice President of acquisitions for Gencom.
“Our repositioning and renovation plans will further enhance the resort’s appeal, while creating new opportunities for residents looking for a place to call home in Bermuda.”
The company said, “Gencom intends to elevate every aspect of Rosewood Tucker’s Point, from renovating the guest rooms and public spaces, to adding new food and beverage venues and meeting spaces.
“In addition, Gencom plans to develop, market and sell branded and unbranded luxury real estate properties including townhomes, single-family homes, villas and condo-hotel units oriented toward the waterfront and golf course. Gencom will also sell an existing inventory of fractional ownership units branded as the Tucker’s Point Private Residence Club.
“The Government is thrilled to welcome Gencom to the Bermuda hotel family. Gencom’s proven expertise and long history with leading hotel brands makes for perfect participation in the bright future of Bermuda tourism,” said Michael Fahy, Minister of Tourism, Transport & Municipalities. “This investment is another indication of confidence in Bermuda, further demonstrating that a tourism renaissance is alive and well.”
Jones Lang LaSalle represented the seller in the transaction. The financial and operational restructuring of the various Tucker’s Point seller companies in receivership was led by Roy Bailey and Keiran Hutchison of EY Bermuda Ltd. Financing was provided by HSBC Bermuda.
Wow. Will the OBA ever stop getting things done?
One has to wonder if Gencom would of made this investment if the PLP/BROWN party was in charge??????
Would the PLP / UBP / BIU party been able to attract this kind of foreign investment?? I doubt it. Welcome Gencom. Obviously under the OBA they see the massive positive change in the tourism product with the new airport development and bigger air lift to the island. Big things happens voting for the OBA.
A foreign company picks up a failed hotel in an over-priced jurisdiction in a fire-sale and this is what is called “getting things done” ? Will you all stop at nothing to keep up this smoke and mirrors act?
Read the article again, slowly. Gencom will initially invest $25 million in the project. A residences expansion is also in the cards. That’s a negative prospect to you??? Maybe you’d prefer that the resort sit empty with no buyer?