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+--- Thread: Gencom moves to Bermuda with big acquisition (/thread-2673.html)
Gencom moves to Bermuda with big acquisition - TEAM HARLFORUM - 05-20-2017
Rosewood Hotels & Resort's 88-room Tucker's Point Hotel and Resort in Bermuda has been purchased for approximately US$60 million, according to sources, by an affiliate of Gencom, a Miami, Florida, firm that owns and develops hospitality and residential real estate around the world.
The resort will remain under the management of Rosewood, which has managed the property since 2011. News of the acquisition came with the announcement that the Gencom-led purchaser will invest an additional US$25 million in a comprehensive renovation at the 200-acre property, as well as additional follow-on commitments for future development.
Gencom intends to elevate every aspect of Rosewood Tucker’s Point, from renovating the guest rooms and public spaces, to adding new food and beverage venues and meeting spaces. In addition, Gencom plans to develop, market and sell branded and unbranded luxury real estate properties including townhomes, single-family homes, villas and condo-hotel units oriented toward the waterfront and golf course. Gencom will also sell an existing inventory of fractional ownership units branded as the Tucker’s Point Private Residence Club.