The largest hotel in Bermuda, the Fairmont Southampton has been acquired by an affiliate of Miami’s Gencom. The investment firm says they are “committed to a significant investment in the long-term success of the resort.” The hotel will remain under the brand and management of Fairmont Hotels and Resorts.

The acquisition marks Gencom’s second investment in Bermuda. In 2017, a Gencom-led affiliate acquired the 200-acre Tucker’s Point development from receivership, including Rosewood Bermuda, the island’s luxury resort, which then underwent a $25 million renovation.

The Fairmont Southampton sits on nearly 100 acres of pink sand on the south shore. The 593-room resort boasts ten restaurants; an 18-hole championship par 3 golf course; indoor spa pool and outdoor resort pool; the Willow Stream Spa, a fitness center and 2,700 square metres of meeting space.

Fairmont Southampton has been a AAA Four Diamond resort since 1982.

Financial terms of the transaction were not disclosed and Gencom anticipates a full reveal of their re-imagined designs for the resort in 2020.

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.