Gencom Affiliates Refinance Rosewood

May 4, 2024 | 0 Comments

Gencom affiliates successfully refinanced Rosewood Bermuda, with the company stating that “the successful refinancing of the Rosewood Bermuda reaffirms Gencom’s long-term commitment to the country’s economic growth.”

A spokesperson said, “Affiliates of Gencom, an international owner, developer and manager of hospitality and residential properties, announced today the successful refinancing of the Rosewood Bermuda. The five-star resort is located in Tucker’s Point, spanning 240 waterfront acres and featuring over 800 linear feet of beachfront, making it the longest private beach on the island. The financing was originated by Blackstone Mortgage Trust, Inc. [NYSE: BXMT] and KSL Capital Partners, LLC for an undisclosed amount and terms.

“Gencom acquired the fee-simple, Rosewood Tucker’s Point master-planned estate out of receivership in 2017. Following the acquisition, Gencom executed a series of repositioning efforts, including a complete operational overhaul and a more than $24 million renovation of the asset.”

“The successful refinancing of the Rosewood Bermuda reaffirms Gencom’s long-term commitment to the country’s economic growth. Along with the Fairmont Southampton, Bermuda property, we look forward to elevating the local hospitality and tourism landscape, while opening the doors for other institutional lenders and developers to explore investment opportunities in Bermuda,” said Karim Alibhai, Founder & Principal of Gencom. “We are grateful for the continued support from the Government of Bermuda, the Bermuda Industrial Union and the local community as we further advance our development plans, generating jobs and economic benefits for the country for years to come.”

Rosewood Bermuda Gencom Bermuda May 2024

The spokesperson said, “Gencom’s planned $17 million renovation of Tucker’s Point will include improvements to the 18-hole, par-70 Golf Course & Clubhouse; and Beach Club, which features Bermuda’s longest stretch of private beach and is home to two pools, a restaurant, and a watersports center; as well as adding new amenities and food & beverage options. The community also features a Tennis Club with four Har-Tru clay courts, 48,000 square feet of waterfront land, as well as Rosewood Residences, Harbor Court Residences and single-family homes.”

“KSL is pleased to have the opportunity to continue to build on our firm’s partnership with Gencom,” stated Dan Rohan, Partner and Head of Tactical Opportunities at KSL. “As a sector fund, KSL is dedicated to making investments in travel and leisure businesses. This investment is yet another example of KSL’s commitment to supporting sponsors in their ownership of iconic hospitality assets and our ability to use creative and flexible capital solutions with firms like Gencom through our Tactical Opportunities vehicle.”

The spokesperson said, “Operated by Rosewood Hotels and Resorts, the ultra-luxury hotel boasts 88 keys with sweeping views of the Atlantic Ocean, Castle Harbour and Harrington Sound. Additional amenities to the aforementioned include a 2,700-square-foot ballroom, a 12,000-square-foot luxury spa with eight treatment rooms and a reflecting pool, and several more dining options on property.

“Alongside the redevelopment of the Fairmont Southampton that is currently underway, Gencom looks forward to continuing its investment in Bermuda’s vital tourism and hospitality industry. The country continues to rank as a leading tourism destination, famous for its pink-sand beaches and accessibility to major North American cities such as Miami, New York City, Toronto, Boston, among others. In fact, Bermuda was ranked the #1 spot to travel to by Condé Nast Traveler’s ‘Readers’ Choice Awards 2023.’

“Gencom’s Bermuda assets are part of the firm’s illustrious branded hotel portfolio, which includes other brands such as The Ritz-Carlton Bachelor Gulch; The Ritz-Carlton Key Biscayne; The Ritz-Carlton Philadelphia; The St. Regis Chicago; Nekajui Ritz-Carlton Reserve, and other five-star flags such as Auberge, Four Seasons, Hyatt, and more. Today, the Gencom portfolio is comprised of nearly $8 billion in assets under management and under development and includes 23 owned assets with over 7,000 hotel rooms around the world.”

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