Gencom-Led JV Buys InterContinental in Downtown Miami for $300M

Gencom and White Bridge Capital bought the waterfront InterContinental Miami hotel, paying about $300 million, Bloomberg reported.

The 34-story property features 652 rooms at 100 Chopin Plaza, facing Biscayne Bay, right off of Biscayne Boulevard, sitting just south of the Brickell district. The 465,000-square-foot building was constructed in 1983, and it houses about 90,000 square feet of indoor and outdoor event space and a rooftop pool.

The seller — China’s Dajia Insurance Group, which has owned the asset since 2005 — recently renovated the property.

“The InterContinental Miami’s significant recent capital investment, strong operating performance and diversified mix of leisure, corporate and group business provide a solid foundation for long-term value creation to Gencom and its investors,” Ignasi Puig, managing director of acquisitions at Gencom, said in a statement.

Other recent hospitality acquisitions in the area include Blackstone’s purchase of the 352-room East hotel last year.

Gencom’s acquisition comes nearly a year after the Miami-based firm purchased the InterContinental New York Times Square for $230 million. In the Miami area, it owns the Ritz-Carlton hotels in Coconut Grove and Key Biscayne, the latter of which reopened last year after a $100 million renovation.