MIAMI — Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) has sold the 207-room St. Regis Bal Harbour Resort in Miami for $213 million. The buyer, Al Rayyan Tourism Investment Co. (ARTIC), is the international hospitality subsidiary of Al Faisal Holding Co., a private diversified industry group based in Qatar.
The 27-story hotel, located at 9703 Collins Ave., features three dining outlets, including Jean-Georges Vongerichten’s J & G Grill; a 14,000-square-foot spa; two ocean-view pools; and 11,200 square feet of indoor function space, as well as several outdoor venues. The property also includes the St. Regis Bal Harbour Residences, which are branded private residences and condo-hotel units.
“We are proud to add this iconic resort to our growing property portfolio,” says Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC. “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.”
Starwood Hotels will continue to manage the property, which will remain under the St. Regis brand.
“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 at 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.”
The St. Regis Bal Harbour Resort opened in 2012 and has since earned the AAA Five Diamond award as well as inclusion in several publications’ “best properties” lists. The property is in proximity to the Bal Harbour Shops and South Beach.
“This transaction will enhance ARTIC’s presence in the international hotel market, positioning us among the world’s leading hospitality companies,” says Tarek El Sayed, an executive board member of ARTIC. “We are thrilled to deepen our relationship with Starwood through the acquisition of The St. Regis Bal Harbour, the crown jewel of the Florida luxury resort market and one of the best resorts in North America.”
ARTIC engages in development, acquisition and leasing, with a primary focus on hospitality properties and a ownership portfolio including more than 25 hotels in the Middle East, North Africa, Europe and North America.
Starwood operates nearly 1,200 properties in 100 countries under brands including St. Regis, The Luxury Collection, W, Westin, Le Meridien, Sheraton, Aloft and Element. The company’s stock price closed at $80.63 per share on Wednesday, up from $60.83 per share a year ago, a 33 percent increase.
— John McCurdy