Ritz-Carlton Bachelor Gulch ‘recapitalized’
MIAMI – Gencom, the Florida-based company that owns the Ritz-Carlton Bachelor Gulch, last week announced it had formed a partnership with GD Holdings, to “recapitalize” the 206-room hotel.
The hotel, owned by Gencom but operated by Ritz-Carlton, went into foreclosure last year, with Gencom owing Lehman Brothers $61 million on the property. A foreclosure sale was postponed numerous times.
Last week’s announcement stated that partnership between Gencom and GD Holdings had restructured the loans on both the hotel and the residential component of the hotel, and loans are now in good standing.
In addition to the debt restructuring, the hotel also announced a $10 million renovation program to “refresh and enhance the property’s already unique mountain lodge decor within its guest rooms, ballroom/meeting space and public areas.” The renovation is expected to be completed in early 2014.
During the foreclosure process, Ritz-Carlton continued to operate the hotel. When filed, the foreclosure was the largest in the county’s history.
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Gencom was founded in 1987 by Karim Alibhai, and specializes in the hospitality and residential real estate. It owns property in the United States, Canada, Mexico, the Caribbean and Europe.
GD Holdings is a privately held real estate investment company that specializes in the acquisition, development, ownership and management of hotels and commercial real estate. The firm was established by Salomon Juan Marcos, Chairman and CEO of Grupo Denim, which has been involved in the apparel industry.
For more information, go to http://www.gencomgrp.com.