Gencom and White Bridge Capital buy Miami InterContinental hotel for about $300 million
The short version
- The waterfront landmark changed hands in a deal valued at about $300 million.
- The 652-room property has anchored the downtown skyline since 1982.
- Over 400 workers keep the massive hospitality giant running daily.
Two Miami investment firms just bought the iconic InterContinental hotel in a deal valued at about $300 million. Gencom and White Bridge Capital purchased the 652-room waterfront landmark, according to Bloomberg, marking the latest shakeup for one of the city's most recognizable hospitality properties.
The price was not disclosed in any official statement and came from a person familiar with the matter. The seller was Strategic Hotels & Resorts, an entity owned by China's Dajia Insurance Group, according to the report. For Gencom and White Bridge Capital, the purchase is their third joint hospitality deal in a rolling 12-month period, pointing to a deepening partnership as they build a shared portfolio.
The InterContinental Miami has been a fixture of the downtown skyline since 1982. The property features 652 guest rooms, including 22 suites, along with 135,000 square feet of meeting space spread across 35 rooms. The hotel also employs more than 400 workers and has hosted major events like three World Baseball Classics, six Orange Bowls, and six Super Bowls.
A much larger transaction involving the hotel took place in 2016, when Chinese insurer Anbang paid $6.5 billion to acquire a portfolio of 16 high-end hotels from Blackstone, a deal that included this Miami landmark. No details have emerged on the financing structure, closing date, or how ownership will be split between the two local firms.
For now, the sale stands as another big data point in the reshuffling of trophy hotel assets in downtown Miami as local investors take the reins.
Photo: DXR, CC BY-SA 4.0
