South Florida Resort Trades For $213 Million

Jan 22, 2014 No Comments by

The St. Regis Bal Harbour Resort has sold for $213 million to a subsidiary of Qatar’s largest development company.

The buyer is Qatar-based Al Rayyan Tourism Development Company. The sale by Starwood Resorts & Hotels is among the largest recent property transactions in South Florida.

The property, which opened in 2012, will continue to be managed under a long-term agreement by Starwood Hotels and also continue to fly the St. Regis flag. The resort has about 208 hotel rooms, which means the sale netted about $1 million per room.

The sale marks a step in Starwood’s pursuit of an “asset-light strategy,” according to Simon Turner, the company’s president of global development. Starwood is selling owned real estate in what it considers to be a relatively strong market.

Al Rayyan Tourism Investment Company (ARTIC) is part of Sheikh Faisal bin Qassim al-Thani’s Al Faisal Holdings. The company is building a portfolio of hotels, which now includes more than 25 properties around the world.

The St. Regis property also includes private residences, which have already sold in prior transactions, and condominium-hotel suites located at 9703 Collins Ave.

It sits on 9.5 acres with 600 feet of oceanfront. Amenities include concierge, in-room dining service, personal chef, housekeeping, child care and pet care. Bal Harbour Shops is across the street.


Source:  SFBJ

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