The iconic Rosewood Tucker’s Point Hotel and Resort in Bermuda has been sold, Caribbean Journal has learned.

The property has been purchased by an affiliate of Miami-based Gencom, which owns hospitality and residential real estate around the world.

Rosewood will continue to manage the property; The Gencom-led purchaser plans another $25 million in renovations at the 200-acre property, along with commitments for further development.

Terms of the sale were not disclosed.

The 88-key hotel includes an 18-hole golf course, a beach club with a private beach, a tennis center, a dive and watersports center, four swimming pools, four restaurants and a 12,000-square-foot spa.

“Gencom’s decision to acquire Tucker’s Point reflects our firm’s longstanding strategy of unlocking value by targeting one-of-a-kind assets in markets that we consider undervalued and poised for long-term growth,” said Gencom Founder and Principal Karim Alibhai. “Bermuda benefits from direct flight access from Europe and the eastern coast of the US, making it a natural destination for international travelers and residents in search of an island destination offering luxury accommodations.”

Gencom intends to update “every aspect” of Rosewood Tucker’s Point, the company said, including the addition of new food and beverage options and meeting spaces.

Gencom also plans to develop, market and sell branded and unbranded luxury real estate properties at Tucker’s Point, including townhomes, single-family homes, villas and condominium-hotel units.

“The Government is thrilled to welcome Gencom to the Bermuda hotel family. Gencom’s proven expertise and long history with leading hotel brands makes for perfect participation in the bright future of Bermuda tourism,” said Bermuda Tourism Minister Michael Fahy.  “This investment is another indication of confidence in Bermuda, further demonstrating that a tourism renaissance is alive and well.”

Gencom will also be selling existing inventory of fractional ownership units branded as the Tucker’s Point Private Residence Club.

“Benefitting from a picture-perfect location, the strength of the Rosewood brand, and amenities capable of impressing the most discerning travelers, Tucker’s Point is already a sought-after international destination,” said Alessandro Colantonio, Senior Vice President of acquisitions for Gencom. “Our repositioning and renovation plans will further enhance the resort’s appeal, while creating new opportunities for residents looking for a place to call home in Bermuda.”

Jones Lang LaSalle represented the seller in the transaction. The financial and operational restructuring of the various Tucker’s Point seller companies in receivership was led by Roy Bailey and Keiran Hutchison of EY Bermuda Ltd. Financing was provided by HSBC Bermuda.

The hotel has long been at the top of the best Bermuda hotels.