WEST PALM BEACH, Fla., Nov. 18, 2019 /PRNewswire/ — Banyan Cay Dev, the development arm of the critically acclaimed Banyan Cay Resort & Golf, has announced it is partnering with affiliates of Gencom at the iconic Banyan Cay Resort & Golf development.
Gencom is a leading domestic and international investment and development firm specializing in luxury hospitality and residential real estate sectors. The new partnership ensures one of South Florida’s most anticipated luxury resorts will be completed on schedule with an expected early 2021 opening date. The principals confirmed the agreement will give the Gencom affiliate a major stake in the luxury resort project.
Gencom brings a proven track record with over 30-years of experience in the hospitality space. In South Florida alone, Gencom’s portfolio includes the Ritz-Carlton Key Biscayne, Ritz-Carlton Fort Lauderdale and Ritz-Carlton Coconut Grove. In addition to being one of the largest owners of Ritz-Carlton properties, the Gencom family of companies has had success in working with and owning assets under multiple brands including Marriott, Hyatt, Wyndham, Hilton, Sheraton, Radisson, Renaissance, Summerfield Suites, Holiday Inn and Intercontinental. “Gencom is excited to revive this South Florida landmark golf resort and residential community and to bring the project to completion,” said Karim Alibhai, Gencom Founder and Principal.
“This is clearly a value-add proposition benefiting all parties involved within our development,” said Domenic Gatto, Jr., Owner/Developer. “Gencom’s experience in owning, developing, and operating across multiple hospitality segments and asset classes will further elevate the Banyan Cay project.”
Benchmark Hospitality, Gencom’s operating affiliate and a global leader in independent resorts, hotels, and conference centers will take over management of the existing golf operations and upon completion, of the Hotel operations.
The 150 key Hotel and the 22 luxury Villas will complement the residential development already underway, “Residences at Banyan Cay.”
Jacob Companies, a multifaceted construction firm, will resume construction at Banyan Cay after pausing during negotiations with Gencom, as well as new management and Hotel brand negotiations.
ABOUT BANYAN CAY
In August 2015, Domenic Gatto Jr. acquired 250 acres in the heart of the Palm Beaches. He initiated a comprehensive master development plan that included the movement of over 3 million cubic yards of earth to form lakes and land movement to create a resort destination and community that includes the successful development of Banyan Cay’s golf club. Today, Banyan Cay boast one of the most sought-after golf venues in the Palm Beaches, which is home to 185 private members. Its boutique clubhouse sits perched above the 1st tee box and practice areas offering expansive golf views from the veranda. The “Club 300” restaurant is a nod to golf’s greatest, Mr. Jack Nicklaus, in recognition of his 300th signature series golf course design.
ABOUT GENCOM Founded in 1987 by Karim Alibhai, Gencom is one of the nation’s leading domestic and international investment and development firms specializing in the hospitality and luxury hospitality related residential real estate sectors. Headquartered in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe, including Gencom American Hospitality, Patriot American Hospitality, Carnival Resorts and Interstate Hotels. Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, prominent family groups and other strategic partners both domestically and internationally.
