Qatar Al Faisal Holding Company acquired resort in Miami for $213mn …

Al Rayyan Tourism Investment Company (ARTIC), the global hospitality subsidiary of Al Faisal Holding Company, has acquired Starwood Hotels’ St Regis Bal Harbour Resort in Miami, Florida for $213mn.
ARTIC – whose portfolio comprises more than 25 hotels in the Middle East and North Africa, Europe and North America – is also currently studying other investment opportunities in the US as part of efforts to build a healthy global portfolio of “branded” hotels, it is learnt.
The 27-story oceanfront St Regis Bal Harbour Resort, which features 207 elegant rooms and suites, will continue to be managed under a long-term agreement by Starwood Hotels and also continue to fly the St Regis flag.
“We are currently studying other investment opportunities in USA as we aim to expand our geographic presence both regionally and internationally through building a renowned portfolio of prominent hotels in terms of brand, location and architectural design,” Tarek M El Sayed, executive board member of ARTIC, said.
The acquired property is located at 9703 Collins Avenue, directly opposite the luxurious Bal Harbour Shops and near Miami’s vibrant South Beach.
It also features the St Regis Bal Harbour Residences, branded private residences and condo-hotel units, which are nearly sold out.
Other amenities include three distinctive dining outlets, including the world-renowned chef Jean-Georges Vongerichten’s J & G Grill; a 14,000 sq ft Remède Spa; two luxurious ocean-view pools; and 11,200 sq ft indoor function space and several outdoor venues, ideal for grand weddings and private receptions.
Starwood Hotels and Resorts Worldwide is one of the leading hotel and leisure companies in the world with nearly 1,200 properties in 100 countries.
“This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence around the globe,” according to Sheikh Faisal bin Qassim al-Thani, chairman of ARTIC.
Asserting that ARTIC is proud to add this iconic resort to its growing property portfolio, Sheikh Faisal said the St Regis brand represents a symbol of uncompromising elegance and bespoke service.
“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,” according to Simon Turner, president of Global Development for 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,” he added.
This transaction will enhance ARTIC’s presence in the international hotel market, positioning it amongst the world’s leading hospitality companies, El Sayed said.
ARTIC would continue to look for new investment opportunities that are in line with its strategy and will help it achieve the goal to be a global enterprise in the hotel and hospitality industry, its CEO Rutger Smits said.
ARTIC is engaged in the development, acquisition and leasing of real estate with a primary focus on the hospitality sector and hospitality-related services locally and internationally. Gulf Times

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