HAMILTON, Bermuda, December 16, 2019 (CMC) – The Fairmont Southampton, the largest hotel in Bermuda’s, has been sold to a Miami-based investment and development company for an undisclosed price.
According to Karim Alibhai, the founder of investment firm, Gencom, he has planned an ambitious program of renovations at the landmark, 593-room hotel that overlooks the south shore.
This is Gencom’s second investment in Bermuda. Two years ago, it bought the Rosewood Tucker’s Point Hotel and moved it out of receivership.
Gencom said it plans to leave the Fairmont Southampton, which is located on nearly 100 acres with an 18-hole par-3 golf course, under the brand and management of Fairmont Hotels and Resorts.
“The acquisition of Fairmont Southampton reaffirms the firm’s confidence in the island’s hospitality and tourism sector. Bermuda benefits from direct flight access from the east coast of the US, as well as Europe, making it a natural destination for leisure and group travelers,” Alibhai said, last Friday
“Over the last couple of years, Bermuda has seen double-digit growth in airport arrivals, as well as foreign spending. With a new, state-of-the-art airport opening in the first half of 2020, increase in airlift and visitation is expected,” he reasoned.
Tourism Minister, Zane DeSilva, welcomed news of the sale.
“The (Progressive Labour Party) government applauds this deal as testament, not only to Gencom’s strong commitment to Bermuda, but also to the continuing renaissance of our island’s tourism industry,” he said.
Kevin Dallas, Chief Executive Officer of the Bermuda Tourism Authority, which runs the industry, added: “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.
“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,” Dallas said.