Qatar-based Al Rayyan Tourism Investment Company, also known as ARTIC, Qatar’s Al Rayyan Tourism Investment Company, has acquired the Viceroy Miami hotel for $65 million.
The luxury boutique hotel will be converted into a W hotel to be renamed W Miami, ARTIC, the international hotel investment and hospitality subsidiary of Al Faisal Holding Company, said in a statement.
The hotel is part of the Icon Brickell project, a 10-acre development situated directly on the waterfront in downtown Brickell, Miami's burgeoning urban centre.
Currently operating as Viceroy Miami, the hotel is part of a three tower project in downtown Miami and comprises 148 rooms and suites, five commercial units, and 38 condominium hotel units which are currently part of a hotel rental programme.
Designed by Arquitectonica, the hotel opened in 2009 and contains several award-winning restaurants and flexible function spaces, including a signature rooftop lounge on the 50th floor, a 28,000 square foot spa, and a 300-foot rooftop pool (Florida’s longest infinity pool) overlooking Biscayne Bay.
“W Miami is a magnificent property which we are proud to add to our expanding US investment portfolio. Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC, said. “It is our fifth investment in the US and our second in Miami and its acquisition, which is fully in line with our targeted strategic approach, demonstrates the strides which ARTIC is successfully making in the global arena. It is an outstanding hotel in every way: location, quality and architectural design.
“Along with this acquisition, we have signed an agreement with Starwood Hotels and Resorts, one of the world’s leading hotel and leisure companies, for Starwood to run the hotel. This clearly demonstrates ARTIC’s commitment to adding value to our investments."
ARTIC’s US hotel portfolio includes Radisson Blu in Chicago, The St. Regis Washington DC, The Manhattan Times Square in New York, St. Regis Bal Harbour Hotel and Resort in Miami, and now W Miami.
In Europe, ARTIC owns Grand Hyatt Berlin, Maritime Berlin, and Aleph Rome. In the MENA Region, ARTIC has the Four Seasons Hotel Cairo at the First Residence, Hilton Hurghada Plaza, and Hilton Alexandria Corniche, while in Algeria it has three hotels under construction.
In Qatar, it has the Marriott Marquis City Centre Doha, Rotana City Centre Doha, and Shangri-La Hotel Doha and a further six hotels which will be operational soon.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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