Qatar’s largest development company has acquired the St. Regis Bal Harbour Resort for $213 million.
Al Rayyan Tourism Development Company purchased the resort from Starwood Resorts & Hotels, according to a joint announcement released by the companies Wednesday. Starwood is staying on as property manager. The resort, which has more than 200 hotel rooms, will continue to operate as a St. Regis.
The 9703 Collins Avenue resort is located directly across from the high-end Bal Harbour Shops. The 27-story complex also includes private residences and condo-hotel units, but those are nearly sold out.
A Starwood executive cited the company’s “asset-light strategy” as its motivation for the sale in a written statement. — Eric Kalis