Brookfield Said to Sell Interest in Ritz-Carlton Key Biscayne

Brookfield Asset Management Ltd. sold a majority stake in the Ritz-Carlton Key Biscayne in a deal that values the South Florida property at more than $400 million.

Brookfield is offloading its interest in the hotel to Miami-based Gencom, which already owns a minority stake in the hotel, according to people familiar with the proposed deal, who requested anonymity to discuss private details.

Representative for Brookfield and Gencom declined to comment.

Real estate funds managed by Brookfield acquired an interest in the hotel through the purchase of Watermark Lodging Trust Inc. in 2022, a deal that helped signal the lodging industry’s ...