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Gencom-Led Partnership to Develop The Ritz-Carlton
Rose Island, Bahamas in the Caribbean
MIAMI, Nov.1, 2006 – Gencom Group, an investment and development firm, announced that through a joint venture partnership it will develop The Ritz-Carlton Rose Island, Bahamas, which is just four miles off Nassau and Paradise Island in the Caribbean.  

The exclusive luxury resort, which is scheduled to open in late 2009, will sit on a 230-acre private island. The resort will feature a 180-room Ritz-Carlton hotel and more than 400 residential units that will include condo hotel units, villas, townhouses, private estate homes and a 40 Ritz-Carlton Club fractional product. It is envisioned that there will be rental programs available to all the homeowners.  

Other features will include a 300 slip marina that will provide full retail and marina services, a helipad and a ferry from Nassau and Paradise Island for homeowners, guests and visitors, various swimming pools, a luxury spa and several dining alternatives, including specialty and casual restaurants.  An added amenity of the project will be an eight-acre nature preserve.  In addition, residents can snorkel, dive and enjoy water sport activities along the white pristine beaches.
 
“The Ritz-Carlton, Rose Island, Bahamas will provide guests and homeowners the best of both worlds – an intimate and private environment that offers the comforts of home as well as an array of recreational, shopping and dining activities on nearby Paradise Island and Nassau,” said Karim Alibhai, founder and principal of Gencom.  “This is a great project for our team to be involved with and a wonderful addition to our Ritz-Carlton portfolio. To date, this project is our sixth Ritz-Carlton property.”  

About Gencom Group 

Founded in 1987 by Karim Alibhai, Gencom Group has been a major player in the hospitality and related real estate industries. 
The company has focused its activities primarily on the acquisition, ownership, development and management of hotel properties throughout the United States, Canada, Mexico and the Caribbean.  

Most recently, a Gencom-led partnership purchased The Ritz-Carlton, Kapalua in Maui, and the Grand Cayman Marriott Beach Resort in the Cayman Islands.  In addition, Gencom formed GenGate with its frequent joint-venture partner Highgate Holdings to purchase a significant portfolio of four-star hotels in Paris and Amsterdam with an institutional partner.  Currently the company is focused on the development and acquisition of luxury mixed-use hotels with ancillary residential components in key resort and urban markets, while maintaining an ownership and management role in full-service hotels and extended-stay hotels. 

Gencom’s development projects include The Ritz-Carlton, Philadelphia; The Residences at The Ritz-Carlton, Philadelphia; The Ritz-Carlton, Key Biscayne in Miami; The Ritz-Carlton, Bachelor Gulch in Beaver Creek, Colo.; The Residential Suites at The Ritz-Carlton, Bachelor Gulch; The Ritz-Carlton, Kapalua in Maui, Hawaii; Molasses Reef, A Ritz-Carlton Reserve and The Molasses Reef Island Villas on West Caicos Reserve in Turks and Caicos; the Park Hyatt, Toronto; and The Lodge at Rancho Mirage in Rancho Mirage, Calif.  For more information, visit www.gencomgrp.com.

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Contact:

Gencom Group
www.gencomgrp.com

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Also See: Gencom Group Names Troy Bennett Senior Vice President of Asset Management for its Luxury Hotel Portfolio / July 2006
Investment Group Acquires the 548 room Ritz-Carlton, Kapalua; $40 million Renovation Planned / March 2006
Patriot American Hospitality, Inc. To Acquire Gencom American Hospitality and Ten Hotels with 3,108 Rooms/ Sept 1997


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