Starwood Sells St. Regis Bal Harbour for $213M

MIAMI—Starwood Hotels has sold the St. Regis Bal Harbour Resort in Miami for $213 million. Al Rayyan Tourism Investment Company (ARTIC), the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar's largest private diversified industry groups, acquired the resort.

“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,” says 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.”

Located at 9703 Collins Avenue, The St. Regis Bal Harbour Resort is directly opposite the Bal Harbour Shops and near Miami's vibrant South Beach. The 27-story oceanfront property has 207 rooms and suites. The resort also features the St. Regis Bal Harbour Residences, branded private residences and condo-hotel units, which are nearly sold out.

“This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence around the globe,” says H.E. Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC. Starwood will maintain management and the hotel will keep flying the St. Regis flag.

“At the height of the economic downturn when nearly everyone stopped building on the high-end, we believed luxury would endure and continued with this ambitious project to create a spectacular luxury resort and residences,” says Sergio Rivera, co-president of the Americas for Starwood. “The St. Regis Bal Harbour was a success from the start, commanding record-breaking residential pricing and among the highest rates of all Miami Beach's top luxury hotels, and consistently selling out during peak travel periods.”

Marco Selva, general manager of resort, noted that within months of opening, the hotel earned the coveted AAA Five Diamond award and was later named to Conde Nast Traveler's Hot List, Travel + Leisure's It List, Robb Report's Top Hotels, and Virtuoso's Best of the Best. Following in the tradition of the iconic The St. Regis New York, The St. Regis Bal Harbour Resort features the hallmarks of St. Regis hotels, including the legendary St. Regis Butler Service, bespoke guest experience, and luxury accommodations.

“This transaction will enhance ARTIC's presence in the international hotel market, positioning us amongst the world's leading hospitality companies,” says Tarek M. El Sayed, executive board Member of ARTIC. “This prestigious property stands apart from other communities and developments in Miami Beach and represents a significant addition to our growing portfolio. We are currently studying other investment opportunities in US as we aim to expand our geographic presence both regionally and internationally through building a renowned portfolio of prominent hotels in terms of brand, location and architectural design.”