The Fairmont Southampton hotel has been sold to a Miami-based company, it was announced last night.

Karim Alibhai, the founder of investment firm Gencom, said he planned an ambitious programme of renovations at the landmark hotel.

Mr Alibhai added: “Acquiring Fairmont Southampton demonstrates Gencom’s steadfast commitment to supporting the long-term growth of Bermuda’s tourism and hospitality sector.

“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.”

Gencom, which already owns the Rosewood Bermuda resort, did not reveal the terms of the deal.

But the company said in a press release that it was committed to a “long-term investment” in the hotel, which will continue to be managed by Fairmont Hotels and Resorts.

Zane DeSilva, the Minister of Tourism and Transport, said the deal showed Gencom’s commitment to the rebirth of the tourism industry.

He added: “We support what it means for this hallmark hotel and welcome the fact it sends a strong message to the world about Bermuda’s tourism investment value.”

Mr DeSilva shared the news in the House of Assembly last night, when he also told MPs that the first phase of the St Regis hotel development, in St George’s, was set to be completed April 2, 2021.

He added: “This includes both the 122-room resort hotel as well as the reopening of the affiliated Robert Trent Jones designed golf course.”

Kevin Dallas, BTA CEO, welcomed news of the Fairmont Southampton’s sale and pledged to work to build on the hotel’s success.

Mr Dallas said: “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 revitalise this industry to keep the island competitive.”

Gencom added that it was committed to a significant investment in the long-term success of the resort.

It said: “Gencom is currently reviewing all aspects of the property and anticipates a full reveal of their reimagined designs for the resort in 2020.”

The firm bought Tucker’s Point, which became Rosewood Bermuda, in 2017 and renovated at an estimated cost of $25 million.

Alessandro Colantonio, Gencom’s executive vice-president acquisitions and capital markets, said the firm’s experience with Tucker’s Point would benefit its efforts to improve the Fairmont Southampton.

He said: “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.

“Through our planned investments, the resort will once again become a leading destination for both leisure and group travellers.”

The Fairmont Southampton was owned by AccorHotels, which took over the Fairmont Hotels group in 2015.

The Royal Gazette reported in May that the AccorHotels wanted to sell the 593-room hotel, which has ten restaurants, a spa, an 18-hole golf course and amphitheatre and more than 25,000 square feet of meeting space.