BERMUDA — Fairmont Southampton, the largest hotel in Bermuda, is switching hands, with the new owners promising a significant overhaul of the property.
An affiliate of Miami-based Gencom has acquired the 593-room resort, which also includes 10 restaurants, an 18-hole championship golf course, indoor spa pool and outdoor resort pool, the 31,000 square-foot Willow Stream Spa, a fitness centre and 29,000 square feet of meeting space. It’s also home to the sprawling oceanfront Beach Club, which boasts an all-weather tennis centre and ocean-side dining.
Financial terms of the transaction were not disclosed. According to Gencom, the hotel will remain under the brand and management of Fairmont Hotels & Resorts.
This marks the second investment in Bermuda for Gencom. In 2017, a Gencom-led affiliate acquired the 200-acre Tucker’s Point development from receivership that includes Rosewood Bermuda. Following the acquisition, the affiliate executed an expansive US$25 million renovation of the property.
In a similar move, Gencom says it is “committed to a significant investment in the long-term success” of Fairmont Southampton. It is currently reviewing all aspects of the property and anticipates a full reveal of reimagined designs in 2020.
“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 travellers from all over the world.”
Alessandro Colantonio, Gencom’s Executive Vice President of Acquisitions & Capital Markets, added: “As a result of our successful acquisition and renovation of Rosewood Bermuda, Gencom has gained acute knowledge and experience in the Bermuda market. We are well-poised to properly restore the iconic Fairmont Southampton, further expanding our local relationships and presence in the market.”
The news of the acquisition comes at a time of growth for Bermuda, which has seen a double-digit increase in airport arrivals over the last couple of years. Plus, a new state-of-the-art airport is set to open in the first half of 2020, which will likely result in an increase in airlift and visitation.
To read more about Bermuda, read our interview with the Bermuda Tourism Authority: https://www.travelweek.ca/news/bermuda-changes-course-soft-adventure-on-the-rise/