Gencom and White Bridge Capital Buy 652-Room InterContinental Miami

A partnership between Gencom and locally based White Bridge Capital has acquired the InterContinental Miami, a 652-room hotel at 100 Chopin Plaza in downtown Miami. Strategic Hotels & Resorts was the seller. The price was not publicly disclosed, although Bloomberg has reported a figure of roughly $300 million.

The 34-story tower sits where the Miami River meets Biscayne Bay and was recently renovated. Its 22 suites range from 850 to 2,800 square feet. The property also offers about 90,000 square feet of indoor-outdoor meeting space, a rooftop pool with private cabanas, a full-service spa, a fitness center, a business center, the Club InterContinental Lounge and onsite retail.

Dining on the property includes Toro Toro, Bluewater, a Starbucks location and Freddy's Speakeasy.

The transaction adds a large full-service hotel with substantial event capacity to downtown Miami's hospitality inventory, and it reflects investor interest in convention-oriented urban hotels in South Florida.

For developers and lenders, the practical takeaway is that a recently renovated, large-format downtown hotel changed hands at a valuation that signals active capital for well-located hospitality assets in the Miami market.