Starwood Hotels & Resorts Worldwide announced on Wednesday that it sold the 207-room The St. Regis Bal Harbour Resort to Al Faisal Holding Co. subsidiary Al Rayyan Tourism Investment Co., Doha, Qatar, for US$213 million.
The transaction includes the 245-unit St. Regis Bal Harbour Residences. The property will continue to be managed under a long-term agreement by Starwood Hotels & Resorts Worldwide, Stamford, Connecticut, under the St. Regis Hotels & Resorts brand. The resort is located in Bal Harbour, Florida, just north of Miami Beach.
“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. We continue to see strong interest in our remaining assets from investors around the world, and look forward to working collaboratively with Al Rayyan on the future success of this property,” said Simon Turner, Starwood’s president of global development.
