Nortia (Manuel Lao) and Gencom, along with other investors, purchase the InterContinental Miami valued at 300 million dollars (around 265 million euros).
Nortia, Manuel Lao’s investment vehicle, and the American investment firm Gencom, alongside other investors, have acquired the InterContinental Miami, one of the benchmark luxury hotel assets in South Florida.
With this operation, valued at around 300 million dollars (265 million euros at current exchange rates), both companies continue to strengthen their position in the international hotel sector by incorporating top-tier assets in strategic locations.
Located in the heart of Miami’s financial center, next to Biscayne Bay, the InterContinental Miami features 652 rooms and suites, and stands out for its location with bay views and proximity to the Brickell Financial District.
The seller and previous owner of the property is Dajia Insurance Group. In 2016, the Chinese financial giant Anbang Insurance Group purchased the Strategic Hotels & Resorts portfolio, the original owner of the InterContinental Miami, from Blackstone for around 5.5 billion dollars.
In 2018, due to financial problems, Chinese regulatory authorities intervened and took control of Anbang. A year later, Dajia Insurance Group was created to take over the majority of Anbang’s operations, including this luxury hotel package.
The investment in the InterContinental Miami comes months after Nortia and Gencom’s entry into The Ritz-Carlton Central Park in New York earlier this year, one of the most significant operations recently carried out by both companies in the hotel segment.
In Nortia’s case, the operation is part of its portfolio rotation and diversification strategy, following the recent divestment in Pulitzer Hotels, urban boutique assets in which it invested alongside the Pulitzer group.