Officials during the signing ceremony.
Doha: Al Rayyan Tourism Investment Company (ARTIC), the international subsidiary of Al Faisal Holding Company yesterday acquired St. Regis Bal Harbour Resort in Miami, Florida for $213m (QR776 million). The transaction is aimed to enhance ARTIC’s presence in the international hotel market
“We are proud to add this iconic resort to our growing property portfolio; the St Regis brand represents a symbol of uncompromising elegance and bespoke service. This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence around the globe,” Sheikh Faisal bin Qassim Al Thani, Chairman, ARTIC.
“We enjoy a strong relationship with Starwood Hotels & Resorts, are delighted to be working with them again and look forward to continuing this relationship in the future,” he said.
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 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, global development, 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,” he said.
The St. Regis Bal Harbour Resort is located at 9703 Collins Avenue, directly opposite the luxurious Bal Harbour Shops and near Miami’s vibrant South Beach. The 27-story oceanfront property features 207 elegant rooms and suites. The property also features the St. Regis Bal Harbour Residences, branded private residences and condo-hotel units, which are nearly sold out.
“This transaction will enhance ARTIC’s presence in the international hotel market, positioning us amongst the world’s leading hospitality companies,” said 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 USA 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,” he said.