Gencom and White Bridge Capital Buy InterContinental Miami
Gencom and White Bridge Capital purchased the InterContinental Miami hotel from China's Dajia Insurance Group for approximately $300 million.
Gencom led a joint venture with White Bridge Capital to acquire the InterContinental Miami for approximately $300 million. The 34-story waterfront property at 100 Chopin Plaza in downtown Miami includes 652 rooms and 90,000 square feet of event space.
The seller, China's Dajia Insurance Group, had owned the asset since 2005 and recently completed renovations on the building. Gencom stated that the hotel's recent capital investment and diversified business mix provide a solid foundation for long-term value creation for the firm and its investors.
This acquisition expands Gencom's hospitality footprint following its purchase of the InterContinental New York Times Square last year. The firm also owns Ritz-Carlton hotels in Coconut Grove and Key Biscayne.
