|By Hannah Sampson, The Miami
HeraldMcClatchy-Tribune Regional News
June 21, 2011--The Ritz-Carlton in Coconut Grove has been sold to a company trying to grow its portfolio of luxury hotels.
Already included in that group: the Ritz-Carlton Key Biscayne, less than 10 miles away.
A joint partnership between Miami-based Gencom and The Continental Companies closed the deal Friday.
The buyers would not disclose the purchase price or the seller, but Miami-Dade property records show the hotel at 3300 SW 27th Ave. is owned by Grove Ocean Condo LLC. The company is backed by SunAmerica Affordable Housing Partners, an arm of insurance giant AIG.
Gencom and TCC together own the Ritz-Carlton Key Biscayne, and Gencom also owns several other Ritz-Carlton properties in the U.S. and Bahamas as well as other brands around the world.
A representative for Gencom said there are no plans for major renovations at the 115-room hotel, which opened in 2002. The two-tower complex also includes condo residences, which are individually owned.
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