Gencom Buys Back Majority Stake in Coconut Grove Ritz-Carlton
Photo Credit: The pool at The Ritz-Carlton Coconut Grove. The Ritz-Carlton
Skift Take
Gencom has reacquired a majority interest in the 115-key The Ritz-Carlton Coconut Grove situated in Miami, Florida. Plus, more hotel deal and development news.
The DJIA rose 289, Nasdaq was up 51, the S&P 500 was up 22 points and the 10 year treasury yield was down .03 to 4.14%. Lodging stocks were modestly higher.
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STR reported US lodging data for the week ended 12/20. US hotel RevPAR rose 3.4% with ADR up 1.8% and occupancy up 1.6%. Group RevPAR was up 21.4% with occupancy up 13%.
Gencom has reacquired a majority interest in the 115-key The Ritz-Carlton Coconut Grove situated in Miami, Florida. A Gencom-led joint venture originally acquired the hotel back in 2011 and sold a majority stake in the property to Hersha Hospitality Trust in 2017. The new acquisition transaction was financed by Banco Inbursa. In addition to
