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Gencom plans revamp of Rosewood Tucker’s Point

Facelift: Gencom has already ploughed $24 million into Rosewood since acquiring it in 2017 (File photograph)

The Rosewood Tucker’s Point hotel is to undergo a $17 million refurbishment, including upgrades to its beach club and golf course.

Gencom, the Miami-based owner of the property, made the announcement in a post to its website.

The statement provided few details of the project, or when work will start — but did state that it had been made possible by a refinancing of the Hamilton Parish property.

The financing was originated by Blackstone Mortgage Trust, Inc and KSL Capital Partners, LLC for an undisclosed amount and terms.

Karim Alibhai, the head of Gencom, was quoted as saying: “The successful refinancing of the Rosewood Bermuda reaffirms Gencom’s long-term commitment to the country’s economic growth.

“Along with the Fairmont Southampton, Bermuda property, we look forward to elevating the local hospitality and tourism landscape, while opening the doors for other institutional lenders and developers to explore investment opportunities in Bermuda.

“We are grateful for the continued support from the Government of Bermuda, the Bermuda Industrial Union and the local community as we further advance our development plans, generating jobs and economic benefits for the country for years to come.”

Describing the revamp, the statement said: “Gencom’s planned $17 million renovation of Tucker’s Point will include improvements to the 18-hole, par-70 golf course and clubhouse, and beach club, which features Bermuda’s longest stretch of private beach and is home to two pools, a restaurant, and a watersports centre, as well as adding new amenities and food and beverage options.”

The statement did not provide a progress report on the redevelopment of Gencom’s other Bermuda property, Fairmont Southampton Hotel.

The developer is planning to pump $400 million into that project, which is expected to be “the largest construction project in Bermuda’s history” over the course of 20 years.

A special development order was issued by the Government last October, paving the way for up to 250 tourism and residential units to be built on the site.

Pre-construction work on Fairmont began at the start of the year, and management company Westend Properties said last month that the project was on schedule for completion by the end of next year.

Gencom’s statement also praised Bermuda as a “leading tourism destination”, saying: “Alongside the redevelopment of the Fairmont Southampton that is currently under way, Gencom looks forward to continuing its investment in Bermuda’s vital tourism and hospitality industry.

“The country continues to rank as a leading tourism destination, famous for its pink-sand beaches and accessibility to major North American cities such as Miami, New York City, Toronto, and Boston, among others.

“In fact, Bermuda was ranked the No. 1 spot to travel to by Condé Nast Traveler’s readers’ choice awards in 2023.”

Gencom purchased Rosewood in 2017 after it had been on the market for two years.

At the time, Mr Alibhai said his firm planned to invest $25 million in a major revamp of Tucker’s Point, with further development in the future.

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Published May 10, 2024 at 8:30 am (Updated May 10, 2024 at 8:30 am)

Gencom plans revamp of Rosewood Tucker’s Point

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