ARTIC buys St Regis Bal Harbour Resort
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Starwood Hotels & Resorts Worldwide Inc and Al Rayyan Tourism Investment Company (ARTIC) announced that ARTIC has acquired St Regis Bal Harbour Resort in Miami for US$213 million. The property will continue to be managed under a long-term agreement by Starwood Hotels and also continue to fly the St Regis flag.
The 27-story oceanfront property features 207 rooms and suites. The property also features the St Regis Bal Harbour Residences, branded private residences and condo-hotel units.
HE Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC said: “This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence.”
Simon Turner, president of global development for Starwood, said: “We continue to see strong interest in our remaining assets from investors around the world, and look forward to working collaboratively with ARTIC.”
ARTIC is engaged in real estate development, acquisition and leasing with a primary focus on the hospitality sector and hospitality-related services in Qatar and overseas. The company also has a portfolio of more than 25 hotels in prime city locations worldwide.
Amenities at St Regis Bal Harbour include three dining outlets, including the Jean-Georges Vongerichten’s J & G Grill; a Remède Spa; two ocean-view pools; and 11,200 square feet of indoor function space and several outdoor venues.
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