The Real Deal Miami

St. Regis buyer gets $120M in financing

Qatar's largest development firm purchased Bal Harbour resort
January 24, 2014 12:00PM

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.

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