An affiliate of Miami-based Gencom has acquired the Fairmont Southampton — Bermuda’s largest hotel – with the new owners stating they are “committed to a significant investment in the long-term success of the resort.”
The announcement said: “An affiliate of Miami-based Gencom, a leading domestic and international investment and development firm, today announces the acquisition of Fairmont Southampton, Bermuda.
And it continued: “The hotel will remain under the brand and management of Fairmont Hotels & Resorts. News of the acquisition comes with the announcement that the U.S.-based investment firm has committed to a long-term investment in the property, returning one of Bermuda’s leading resorts to its original glory. Financial terms of the transaction were not disclosed.”
“The acquisition marks Gencom’s second investment in Bermuda. In 2017, a Gencom-led affiliate acquired the 200-acre Tucker’s Point development from receivership that includes Rosewood Bermuda, the island’s renowned, ultra-luxury resort. Following the acquisition, the affiliate executed an expansive, $25 million renovation of the property.”
“The new ownership is committed to a significant investment in the long-term success of the resort. Gencom is currently reviewing all aspects of the property and anticipates a full reveal of their re-imagined designs for the resort in 2020,” the announcement stated.
Gencom Founder Karim Alibhai said: “Acquiring Fairmont Southampton demonstrates Gencom’s steadfast commitment to supporting the long-term growth of Bermuda’s tourism and hospitality sector.”