The InterContinental hotel in downtown Miami has new owners. Gencom and White Bridge Capital have purchased the 652-room waterfront landmark in a deal valued at about $300 million, according to a person familiar with the matter, marking the latest shakeup for one of the city's most recognizable hospitality properties.
The acquisition was reported by Bloomberg, which noted that the price was not disclosed in any official statement and that the figure comes from a person familiar with the matter rather than the companies themselves. The seller was Strategic Hotels & Resorts, an entity owned by China's Dajia Insurance Group, according to the same report.
For Gencom and White Bridge Capital, the purchase is not their first collaboration. The outlet's report notes this marks the two firms' third joint hospitality deal in a rolling 12-month period, suggesting a deepening partnership between the Miami-based investors as they build out a shared portfolio of hotel properties.
A Downtown Fixture With Decades of History
The InterContinental Miami has been a fixture of the downtown skyline since it was built in 1982, according to the hotel's own account. The property describes itself as home to 652 guest rooms, including 22 suites, along with 135,000 square feet of meeting space spread across 35 meeting rooms.
The hotel also employs more than 400 workers, per that same account. Over the decades, it has positioned itself as a go-to host site for major events, saying it has served as the host hotel for three World Baseball Classics, six Orange Bowls, six Super Bowls and other marquee sporting occasions.
A Complicated Ownership History
A much larger transaction involving the hotel took place nearly a decade ago. In 2016, Chinese insurer Anbang paid $6.5 billion to acquire a portfolio of 16 high-end hotels from Blackstone, a deal that included the InterContinental Miami, according to The Real Deal.
The broader U.S. hotel industry has seen uneven momentum in recent years. The same outlet reported that U.S. hotel revenue per available room grew just 3 percent in the year it examined, a sharp slowdown from the 8.2 percent peak the industry saw back in 2014.
No details have emerged on the financing structure, closing date or how ownership will be split between Gencom and White Bridge Capital, since the statement announcing the deal did not disclose those terms. For now, the sale stands as another data point in the ongoing reshuffling of trophy hotel assets in downtown Miami, with two local firms stepping in to take the reins of a property that has anchored the city's hospitality scene for more than four decades.
