Starwood sells Miami hotel to Qatar's ARTIC
$213mn sale of St. Regis hotel part of Starwood's asset-light strategy
Starwood Hotels & Resorts has sold the St. Regis Bal Harbour Resort in Miami, Florida to Qatar's Al Rayyan Tourism Investment Company (ARTIC), the international subsidiary of Al Faisal Holding Company, for US $213 million.
The property will continue to be managed by Starwood Hotels & Resorts, and reflects the group’s ongoing asset-light strategy.
Commenting on the sale, Starwood president of global development Simon Turner said: “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. 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 chairman H.E. Sheikh Faisal Bin Qassim Al Thani said of the acquisition: “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. 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.”
ARCTIC’s portfolio comprises more than 25 hotels in prime city locations worldwide. Working in concert with Al Faisal Holding, which bought the W Hotel in London for US $309 million, the company focuses on real estate development, acquisition and leasing, with a primary focus on the hospitality sector.
ARTIC’s executive board member Tarek M. El Sayed said: “This transaction will enhance ARTIC’s presence in the international hotel market, positioning us amongst the world’s leading hospitality companies. 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 inNorth America. This prestigious property stands apart from other communities and developments in Miami Beach and represents a significant addition to our growing portfolio.”
The St. Regis Bal Harbour comprises of 207 keys, including branded private residences and condo-hotel units. Facilities at the oceanfront property include three dining outlets, a 14,00ft2 Remede Spa, and 11,200ft2 of indoor function space and several outdoor venues.