Brookfield Asset Management has sold a majority stake in the Ritz-Carlton Key Biscayne in Florida to Miami-based luxury hotel investment firm Gencom.
Gencom already owns a minority stake in the luxury 13-story 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.
Read the full story on Hotel Management’s sister site Hospitality Investor.