The biggest hotel in Bermuda has been sold.
The iconic Fairmont Southampton has been sold to a partnership led by Miami-based investment firm Gencom, the company announced.
The seller was Europe’s AccorInvest.
The hotel will be remaining under the brand and management of Fairmont Hotels and Resorts, Gencom said in a statement.
It’s the second major acquisition in a month for Gencom, which earlier in December acquired an Auberge Resorts-branded property in Costa Rica.
It’s also the second major acquisition for Gencom in Bermuda.
In 2017, a Gencom-led affiliate purchased the Tucker’s Point development in Bermuda, which includes the recently-rebranded Rosewood Bermuda.
“Acquiring Fairmont Southampton demonstrates Gencom’s steadfast commitment to supporting the long-term growth of Bermuda’s tourism and hospitality sector,” said Gencom Founder Karim Alibhai. “The island is located less than three hours from most major North American cities, making Bermuda a rare and accessible paradise. With a planned restoration, we aim to create a wonderful, updated destination resort experience at Fairmont Southampton for leisure and group travelers from all over the world.”
The luxury resort has 10 eateries, a par-3 golf course, a 31,000-square-foot spa and 29,000 square feet of meeting space, among other amenities.
The company said it planned to “properly restore” the hotel.
“As with Gencom’s purchase of Rosewood Bermuda, this major investment underscores robust confidence in our island’s hospitality sector and signals the start of a new era for this landmark property,” said Bermuda Tourism Authority CEO Kevin Dallas. “The acquisition and any resulting enhancements at the Fairmont Southampton resort will benefit the hotel, drive eventual growth in our group-sales sector, and strengthen the overall quality of Bermuda’s tourism product as we revitalize this industry to keep the island competitive. The Bermuda Tourism Authority looks forward to working with all parties involved to build on the hotel’s success towards an exciting future.”