The Real Deal Miami

Ritz-Carlton Coconut Grove Hotel takes out $15M loan

SunTrust Bank granted the loan to Miami-based investment firm Gencom
Ritz-Carlton Coconut Grove

Ritz-Carlton Coconut Grove

Owners of the Ritz-Carlton Hotel Coconut Grove took out a $15 million loan, according to a mortgage recorded in Miami-Dade County on Thursday.

SunTrust Bank granted the loan to Miami-based investment firm Gencom. Gencom purchased the 115-room hotel in a joint partnership with the Continental Companies in June 2011, according to Miami-Dade property records. A sale price was not disclosed.

The hotel, at 3300 Southwest 27th Avenue, opened in 2002. Amenities include a lounge, Bizcaya restaurant, a poolside cafe, and a 6,000-square-foot spa and gym. Event space ranges from a 3,200-square-foot garden courtyard to the hotel’s 5,200-square-foot ballroom, according to the website.

The Ritz-Carlton is within walking distance of CocoWalk, a 198,000-square-foot outdoor shopping center that sold to Federal Realty and local partners for $87.5 million earlier this month.