ARTIC Acquires St. Regis Bal Harbour Resort for $213M
- Jan 24, 2014
Al Rayyan Tourism Investment Company (ARTIC) along with Starwood Hotels & Resorts Worldwide Inc. recently announced that ARTIC has purchased the St. Regis Bal Harbour Resort in Miami. The transaction was worth $213 million.
ARTIC is the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar’s largest private diversified industry groups. Engaged in real estate development, acquisition and leasing, the company focuses mainly on the hospitality industry and owns a portfolio of more than 25 hotels worldwide.
“This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence around the globe,” says H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of ARTIC.
The company owns properties over the Middle East and North Africa, Europe and North America as well.
Located at 9703 Collins Avenue near South Beach, opposite Bal Harbour Shops, the St. Regis Bal Harbour Resort is situated on nine acres of oceanfront land. The 27-story building was designed by Sieger Suarez Architectural Partnership with interiors by Yabu Pushelberg, and was inaugurated on January 19, 2012. The building features 207 Art Deco style rooms and suites as well as a residential division called St. Regis Bal Harbour Residences, which includes branded private residences and condo-hotel units.
A range of amenities also came with the hotel, namely 11,200 square feet of indoor function space and several outdoor venues, a 14,000 square-foot Remède Spa, Jean-Georges Vongerichten’s J & G Grill and two other dining outlets.
ARTIC has not revealed plans to rebrand the property and it will also continue to be managed under a long-term agreement by Starwood Hotels.
Photo credits: Starwood Hotels & Resorts Worldwide