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Commercial Property

Gencom and White Bridge Capital Acquire InterContinental Miami Waterfront Hotel

A joint venture between Gencom and White Bridge Capital has bought the 652-key InterContinental Miami from Daija Insurance Group.

FTMQ Real Estate, written by our newsroom2 views

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Picture: Bisnow

Miami-based firms Gencom and White Bridge Capital have acquired the 652-key waterfront InterContinental Miami hotel in Downtown Miami, Bisnow reported. A source familiar with the transaction told Bloomberg that the sale totaled roughly $300 million. Gencom declined to disclose the official purchase price, according to Bisnow. [1]

The 43-year-old hotel traded hands for the first time in over two decades, Bisnow reported. The seller was an entity connected to Strategic Hotels & Resorts, which is owned by China-based Daija Insurance Group. [1]

Greater Downtown Miami comprises the Central Business District, Brickell, the Historic District, Government Center, the Arts & Entertainment District, and Park West. As FTMQ Real Estate reported earlier, the 34-story property sits at 100 Chopin Plaza and features 465,000 square feet of space. Dajia Insurance Group had held ownership of the 1983-built hotel since 2005. [6][7]

Alessandro Colantoni, chief investment officer of Gencom, stated that the acquisition represents a significant portfolio expansion and deepens the firm's presence in a key market, according to Bisnow. [1]

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In short

  • Gencom and White Bridge Capital acquired the 652-key InterContinental Miami hotel.
  • A person familiar with the deal told Bloomberg the sale was worth approximately $300 million.
  • The seller was Strategic Hotels & Resorts, an entity owned by China's Daija Insurance Group.
  • The property traded hands for the first time in more than 20 years.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]Gencom-Led Partnership Acquires InterContinental Hotel In Downtown MiamiBisnow, 4d ago (the report this story comes from)
  2. [2]Gencom-led group acquires InterContinental MiamiHotel Management, 4d ago
  3. [3]Gencom-led JV acquires InterContinental MiamiHOTELSMag.com, 4d ago
  4. [4]Gencom-Led Partnership Acquires 652-Key InterContinental Miami In Downtown MiamiFlorida YIMBY, 3d ago
  5. [5]Gencom-Led Partnership Acquires the InterContinental MiamiBusiness Wire, 4d ago

Background

  1. [6]Greater Downtown Miami on Wikipedia
  2. [7]Gencom and White Bridge Capital buy InterContinental Miami for about 300 million dollars FTMQ Real Estate, 4d ago

Our newsroom writes these reports with the help of software, from the 7 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

Related from FTMQ Real Estate

Earlier reports of ours on the same people and subjects.

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