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South Florida

St. Regis buyer gets $120M in financing

St. Regis Bal Harbour Resort
St. Regis Bal Harbour Resort

The Qatar firm that acquired the St. Regis Bal Harbour Resort has obtained $120 million in financing for its investment, The Real Deal has learned.

Seldar Miami Holding received the loan Tuesday from a group of lenders, according to Miami-Dade County records. The borrowing company is tied to Qatar’s largest development firm, Al Rayyan Tourism Development Co. It paid $213 million for the 9703 Collins Avenue resort, which has more than 200 hotel rooms.

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BSRECP II Joint US Origination Subsidiary of New York is identified in the mortgage document as administrative agent for the group of lenders.

Seller Starwood Resorts & Hotels remains the property manager at St. Regis. The company cited an “asset-light strategy” as its motivation for the sale. — Eric Kalis

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Bal Harbour