January 22, 2014
Reporter- South Florida Business Journal
The St. Regis Bal Harbour Resort, one of South Florida’s best-known luxury resorts, 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.
Local counsel for the buyer was attorney Tom Angelo of Fort Lauderdale-based Angelo & Banta.
“I believe this sale has set a new bar for hotel acquisitions in this market and reflects the strength of the hospitality market in the Miami area,” Angelo said in an email.
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.