by Brian Major
Last updated: 11:55 AM ET, Tue May 7, 2024
U.S.-based investment firm Gencom announced it has secured refinancing
funds from for the 88-room Rosewood Bermuda resort. The funding will enable Gencom
to complete a $17 million renovation at the 240-acre beachfront resort, said
officials in a statement.
The renovation will include improvements to the resort’s 18-hole,
par-70 golf course and clubhouse; and the property’s beach club, which features
two pools, a restaurant, and a watersports center. New amenities and food and
beverage options are also planned.
"The successful refinancing of the Rosewood Bermuda reaffirms
Gencom's long-term commitment to the country's economic growth,” said Karim
Alibhai, Gencom’s founder and principal.
"We are grateful for the continued support from the government
of Bermuda, the Bermuda Industrial Union and the local community,” said Alibhai,
“as we further advance our development plans, generating jobs and economic
benefits for the country for years to come.”
The resort features panoramic views of the Atlantic Ocean, Castle
Harbour and Harrington Sound. Additional facilities include a 2,700-square-foot
ballroom, a 12,000-square-foot luxury spa with eight treatment rooms and a
reflecting pool and multiple dining options.
Gencom is also owner of Bermuda’s Fairmont Southampton resort, which is company
officials say is schedule to re-open this year following a 2019 closure to complete
a renovation.
“Unfortunately, the COVID pandemic and resulting global economic
climate has caused the planning process to take much longer than anticipated,”
said company officials in a statement on the Fairmont website. “Substantial
pre-construction work has been completed, and we anticipate construction to
commence later this year.”
“Along with the Fairmont Southampton, we look forward to elevating
the local hospitality and tourism landscape,” Alibhai said, “while opening the
doors for other institutional lenders and developers to explore investment
opportunities in Bermuda.”
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