The Real Deal Miami

From the Viceroy Miami hotel to the W Miami: VIDEO

Qatari investment firm paid $436,000 per hotel room

June 06, 2016 08:45AM

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Video by TRD’s Alistair Gardiner

On Wednesday, the owners of the St. Regis Bal Harbour doubled down on South Florida and paid $64.5 million for the former Viceroy Miami hotel.

Qatar-based Al Rayyan Tourism Investment Company, the hotel investment arm of Al Faisal Holding Company, purchased the 148-room hotel and immediately converted it to the W Miami, a Starwood Hotels & Resorts brand.

Hotel REIT Pebblebrook Hotel Trust sold the hotel, which is part of the 10-acre Icon Brickell complex, while West Hollywood-based Viceroy Hotel Group was the previous operator.

With the changes in ownership and management company, W Miami will now undergo a renovation that will create a “W Living Room” on the hotel’s 15th floor overlooking Biscayne Bay, and convert the 50th floor rooftop into a cocktail lounge and WET deck. – Katherine Kallergis