A Qatar hospitality group has bought the luxurious St Regis hotel in Miami for $213m, the company announced on Wednesday.
Al Rayyan Tourism Investment Company (ARTIC), the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar's largest private diversified industry groups, bought the St Regis Bal Harbour Resort from Starwood Hotels & Resorts Worldwide.
The property will maintain its name and continue to be managed under a long-term agreement by Starwood Hotels.
Located near Miami's vibrant South Beach, the 27-story oceanfront property features 207 rooms and suites, as well as private residences and condo-hotel units.
The residential component attracted record-breaking sale prices earlier this decade, while the hotel, which opened in 2012, has among the most expensive room rates along Miami Beach.
Starwood has been off-loading its assets as it attempts to pay down debt and improve its market value.
“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,” president of global development Simon Turner said.
“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."
ARTIC already owns more than 25 hotels in the Middle East, North Africa, Europe and North America.
"We are proud to add this iconic resort to our growing property portfolio; the St. Regis brand represents a symbol of uncompromising elegance and bespoke service,” ARTIC chairman Sheikh Faisal Bin Qassim Al Thani said.
“This acquisition complements our investment focus on world-class assets in prime locations as we continue to expand our presence around the globe. We enjoy a strong relationship with Starwood Hotels & Resorts, are delighted to be working with them again and look forward to continuing this relationship in the future."