Starwood Hotels To Sell St. Regis Bal Harbour Resort To ARTIC - Quick Facts

(RTTNews) - Starwood Hotels & Resorts Worldwide, Inc. (HOT) and Al Rayyan Tourism Investment Co. or "ARTIC", the international hospitality unit of Al Faisal Holding Co., one of Qatar's largest private diversified industry groups, said that ARTIC has acquired The St. Regis Bal Harbour Resort in Miami, Florida for $213 million. The property would continue to be managed under a long-term deal by Starwood Hotels and also continue to fly the St. Regis flag.

The St. Regis Bal Harbour Resort is situated at 9703 Collins Avenue, directly opposite the luxurious Bal Harbour Shops and near Miami's vibrant South Beach. The 27-story oceanfront property features 207 elegant rooms and suites. Also, the property features the St. Regis Bal Harbour Residences, branded private residences and condo-hotel units, which are almost sold out.

Commented on this acquisition, H.E. Sheikh Faisal Bin Qassim Al Thani, Chairman of ARTIC, said: "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. This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence around the globe."