Rosewood Hotels & Resort’s 88-room Tucker’s Point Hotel and Resort in Bermuda has been purchased for approximately US$60 million, according to sources, by an affiliate of Gencom, a Miami, Florida, firm that owns and develops hospitality and residential real estate around the world.
The resort will remain under the management of Rosewood, which has managed the property since 2011. News of the acquisition came with the announcement that the Gencom-led purchaser will invest an additional US$25 million in a comprehensive renovation at the 200-acre property, as well as additional follow-on commitments for future development.
Gencom intends to elevate every aspect of Rosewood Tucker’s Point, from renovating the guest rooms and public spaces, to adding new food and beverage venues and meeting spaces. In addition, Gencom plans to develop, market and sell branded and unbranded luxury real estate properties including townhomes, single-family homes, villas and condo-hotel units oriented toward the waterfront and golf course. Gencom will also sell an existing inventory of fractional ownership units branded as the Tucker’s Point Private Residence Club.
Jones Lang LaSalle represented the seller in the transaction. The financial and operational restructuring of the various Tucker’s Point seller companies in receivership was led by Roy Bailey and Keiran Hutchison of EY Bermuda Ltd. Financing was provided by HSBC Bermuda.
The island will host the 35th America’s Cup beginning on May 26, 2017, new airline carriers and routes have launched, and the Bermuda Tourism Authority recently unveiled a new branding and marketing campaign that will target luxury travelers around the world.
“Gencom’s decision to acquire Tucker’s Point reflects our firm’s longstanding strategy of unlocking value by targeting one-of-a-kind assets in markets that we consider undervalued and poised for long-term growth,” said Gencom Principal Karim Alibhai. “Bermuda benefits from direct flight access from Europe and the eastern coast of the US, making it a natural destination for international travelers and residents in search of an island destination offering luxury accommodations.”