Gencom-Led Venture Acquires Downtown Miami InterContinental for About $300M

Gencom and White Bridge Capital have acquired the InterContinental Miami, a 34-story waterfront hotel at 100 Chopin Plaza in downtown Miami, for about $300 million, according to a Bloomberg report cited by Commercial Observer.

The property has 652 rooms and overlooks Biscayne Bay, just off Biscayne Boulevard and south of the Brickell district. The 465,000-square-foot building dates to 1983 and includes roughly 90,000 square feet of indoor and outdoor event space along with a rooftop pool.

The seller, Dajia Insurance Group of China, has held the asset since 2005 and recently completed renovations. Gencom's investment team pointed to the hotel's capital improvements and mix of leisure, corporate and group business as a basis for long-term value. Gencom, which is Miami-based, also bought the InterContinental New York Times Square last year for $230 million and owns two Ritz-Carlton properties in South Florida.

For developers and lenders, the deal signals continued institutional appetite for recently upgraded full-service hotel assets in urban Miami submarkets.