Gencom, the firm that owns the Ritz-Carlton Key Biscayne, has bought the 652-room InterContinental Miami in downtown.

The Miami-based investment company announced Oct. 30 that it purchased the 34-story waterfront hotel at 100 Chopin Plaza, where Biscayne Bay meets the Miami River. Gencom partnered with Miami-based White Bridge Capital on the deal, according to the Miami Herald.

Strategic Hotels & Resorts, owned by China's Dajia Insurance Group, sold the property. Gencom did not disclose the price. Bloomberg reported the sale totaled roughly $300 million, citing a person familiar with the transaction, according to CoStar News.

The deal deepens Gencom's South Florida footprint. The company already owns the Ritz-Carlton Key Biscayne, the Ritz-Carlton Coconut Grove and the Hyatt Regency Miami, according to CoStar News. It co-developed the Ritz-Carlton Key Biscayne in the late 1990s and recently completed a renovation costing more than $100 million there. It also reacquired a majority stake in the 115-room Ritz-Carlton Coconut Grove in December 2025, according to The Real Deal.

Alessandro Colantonio, Gencom's chief investment officer, told the Herald the company has no plans for major changes at the InterContinental, which was built in 1982. The room count stays at 652. No private condos or residences will be added.

The Herald reported that represents a shift from a trend Gencom itself started at the Ritz-Carlton Key Biscayne over two decades ago, when it pioneered a mix of condos and hotel rooms.

"There won't be any major remodeling," Colantonio said, but "a little more targeted renovation, likely in the public spaces."

Bisnow reported the new owners plan to update the lobby and food and beverage options. The previous owner had already renovated room interiors, the Club InterContinental Lounge, pool cabanas and the SkyLawn outdoor event space before the sale.

"It's great real estate," Colantonio told the Herald.

The InterContinental sits a short walk from another major Gencom project. The Miami Riverbridge is a joint venture with Hyatt valued at more than $1.5 billion to redevelop the Hyatt Regency Miami and James L. Knight Center site. Plans call for two hotels, 700 apartments, 200,000 square feet of meeting and event space and 50,000 square feet of public green space, The Real Deal reported.

The InterContinental is Gencom's second hotel under that IHG brand, following its acquisition of the InterContinental New York Times Square in late 2025 for $230 million, according to CoStar News. The partners also acquired the 253-room Ritz-Carlton New York, Central Park in February for $320 million.

White Bridge Capital, which advises wealthy families primarily from Latin America and Southern Europe according to Bisnow, contributed a significant portion of the equity, according to HOTELS Magazine. The deal marks the partners' third hotel acquisition together in the past year.

The hotel, known locally for hosting the Big Orange on New Year's Eve and for housing Super Bowl and college football teams, will continue with the same management, Colantonio told the Herald.