STAMFORD, Conn.—Starwood Hotels and Resorts Worldwide and Al Rayyan Tourism Investment Company (ARTIC), the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups, announced that ARTIC has acquired The St. Regis Bal Harbour Resort in Miami, Fla., for $213 million. The property will continue to be managed under a long-term agreement by Starwood Hotels and also continue to fly the St. Regis flag.
The St. Regis Bal Harbour Resort is located on Collins Avenue, directly opposite the Bal Harbour Shops and near Miami’s South Beach. The 27-story oceanfront property features 207 rooms and suites, as well as branded private residences and condo-hotel units.
“We are proud to add this iconic resort to our growing property portfolio,” said H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of ARTIC. “This acquisition complements our investment focus on world-class assets in prime locations as we continue to expand our presence around the globe.”
Amenities at The St. Regis Bal Harbour include: three dining outlets, including chef Jean-Georges Vongerichten’s J & G Grill; a 14,000 square-foot Remède Spa; two ocean-view pools; and 11,200 square feet of indoor function space and several outdoor venues.
“The sale of this trophy asset marks another step forward in Starwood’s pursuit of an asset-light strategy as we look to sell owned real estate at the right time to the right owners to create value for our shareholders,” said Simon Turner, president of global development for Starwood. “We continue to see strong interest in our remaining assets from investors around the world, and look forward to working collaboratively with ARTIC on the future success of this property.”
ARTIC is engaged in real estate development, acquisition and leasing with a primary focus on the hospitality sector and hospitality-related services in Qatar and overseas with a portfolio of more than 25 hotels in prime city locations worldwide. This acquisition is another key milestone in the delivery of ARTIC’s strategy to build an international portfolio of hotels and resorts.