Gencom Completes Recapitalization of Over $1 Billion
Assets in Luxury Hospitality & Residential Real Estate
Wednesday August 25, 2010 - 15:27 PM EDT
Source: Business Wire News Releases
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Gencom, a leading investment and development firm specializing in hospitality and residential real estate â
and one of the largest owners/developers of luxury-branded hotel properties in the U.S. â has completed the
recapitalization of more than $1 billion of its luxury portfolio, today announced Karim Alibhai, founder and
principal of Gencom.
The initial portfolio of recapitalized assets includes: the 180-room The Ritz-Carlton, Bachelor Gulch in
Colorado; the 303-room The Ritz-Carlton, Philadelphia City Center Hotel; the 280-condominium The
Residences at The Ritz-Carlton, Philadelphia; and the 450-room The Ritz-Carlton, Key Biscayne Resort in
Florida. The latest in the series of transactions has been the 260-room The Ritz-Carlton, Rancho Mirage
Resort and The Residences at The Ritz-Carlton, Rancho Mirage in California.
Gencom is also engaged in negotiations to acquire several assets that would complement its luxury portfolio
of some of the finest properties in the world, utilizing its well-capitalized position to achieve a competitive
advantage in the market. Gencom is actively seeking to purchase distressed notes and acquire prime hotels
and assets throughout North and South America and the Caribbean.
"The recapitalization and restructuring of this group of luxury assets has allowed us to enhance our investment
platform and to move forward with strategically focusing on growing the company's collection of four- and
five-star properties," said Alibhai. "Gencom's established disciplines, substantial capital and complex
transaction experience demonstrate our strength as a company, and will be advantageous to solidifying
additional acquisitions in the pipeline."
A seasoned operator and developer of luxury-branded hotels, Gencom is owned by Karim Alibhai, whose
career in the industry spans three decades, and Magna RE, a private investment firm controlled by Alfredo
Roman. With more than 50 years of experience in the business investment arena, Roman has engaged in
several investments internationally in logistics, engineering, ports and infrastructure with strategic and
institutional partners. Gencom is known industry wide as a catalyst for building luxury and mixed-use hotels
and resorts with ancillary residential components.
The Gencom portfolio of premier properties with some of the most recognizable luxury hospitality brands
includes: Molasses Reef, a Ritz-Carlton Reserve property in West Caicos; Marriott Grand Cayman Island
Beach Resort in the Cayman Islands; and a Marriott-managed European portfolio, among others. Additionally,
the company maintains a collection of three- and four-star hotels.
Gencom is headquartered in Miami with representative offices in Houston, the United States West Coast and
London. For more information, visit www.gencomgrp.com.
Sissy DeMaria or Suzanne Schmidt, 305=663-3543
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