Brookfield Asset Management has sold a majority stake in the Ritz-Carlton Key Biscayne in Florida to Miami-based luxury hotel investment firm Gencom.
Located at 455 Grand Bay Drive, the luxury hotel also comprises a spa, restaurant and outdoor event space.
Gencom already owns a minority stake in the luxury 13-storey beachfront hotel, having previously held a larger stake. Gencom completed the hotel in 2001 and in 2015 sold two-thirds of the property to Carey Watermark Investors for $325 million. In 2022, Brookfield acquired that interest when it purchased Watermark Lodging Trust for $3.8 billion.
Following the deal which values the luxury hotel at over $400 million, Gencom will regain full ownership of the hotel and will commence a $100 million renovation programme.
In 2023, Brookfield sold the Diplomat Beach Resort in Florda for $835 million.