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Gencom closes on $550M redevelopment financing for Bermuda resort

  • HOTELSMag.com
  • 26 September 2024
  • 2 minute read
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This article was written by HotelsMag. Click here to read the original article

Gencom, an international owner, developer and manager of real estate, has closed on a $550 million recapitalization of the Fairmont Southampton resort, funding a major redevelopment and expansion of the 593-key resort in Bermuda.

The funding helps Gencom cement its position as one of the largest hospitality owner and developer on Bermuda.

Financing for the transaction was provided by institutional lenders, led by Starwood Property Trust and Clarien Bank.

Currently underway, the redevelopment will modernize the historic resort, which includes a complete transformation of all the guestrooms. The hotel’s lobby and reception area will also be refreshed,  as well as the meeting spaces and ballrooms, which will position the hotel and the island to welcome large-scale events and celebrations.

These enhancements will elevate the resort to a premier luxury property in Bermuda as well as in the broader Caribbean hospitality market, Gencom said.

Fairmont Southampton in Bermuda.

“With this latest transaction, we are thrilled to strengthen our investment in Bermuda’s vital tourism and hospitality sector, as the country continues to rank as a leading tourism destination,” said Karim Alibhai, founder and principal of Gencom. “The extensive redevelopment of Fairmont Southampton reflects our deep commitment to the island’s long-term success.”

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The restaurants will get a makeover and offer enhanced menus. The resort’s Beach Club is being reimagined as a signature amenity that will offer a new beach grill and resort-style pool with views of the beachfront.

The redevelopment will see the addition of a multi-phased residential program with Fairmont-branded residences. The resort is scheduled to open in early 2026.

“This hotel is not only of significance to the island of Bermuda, but it is also a much-loved member of the Fairmont family. We are eager to reopen the doors and to get back to what we do best, delivering special experiences for our guests, fostering a strong team and creating rewarding opportunities for career-building and growth for Bermudians,” said Omer Acar, CEO for Fairmont Hotels & Resorts.

Lotus Capital Partners, led by Faisal Ashraf, served as capital markets advisor to Gencom on this deal.

The transaction comes close on the heels of Gencom’s entry into New York City with the acquisition of the Thompson Central Park for a reported $380 million earlier this month. The acquisition of the 587-key luxury-lifestyle hotel helps Gencom diversify its luxury portfolio. Eastdil Secured represented Gencom in arranging the acquisition financing.

In May, Gencom refinanced the Rosewood Bermuda, the 88-room ultra-luxury hotel with views of the Atlantic Ocean, Castle Harbour and Harrington Sound. The financing was originated by Blackstone Mortgage Trust, Inc. and KSL Capital Partners, LLC for an undisclosed sum.

Founded more than 40 years ago, Gencom’s portfolio comprises around $8 billion in assets under management and under development, which includes 24 owned assets with more than 7,000 rooms worldwide. The group also has 240 properties in more than 40 locations, totaling 50,000 keys through its third-party management affiliate, Pyramid Global Hospitality, and over 2 million square feet through its affiliate, Convene, a hospitality company that designs, builds and manages premium meeting, event and flexible office spaces.

Please click here to access the full original article.

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