Qatari owner of St. Regis Bal Harbour scores $132M refi
ARTIC paid $213M for the resort in 2014
Al Rayyan Tourism Investment Company just closed on a $132 million refinancing of the St. Regis Bal Harbour Resort.
The Qatari owner secured the floating-rate loan from Mack Real Estate. The four-year deal has a one-year extension, according to a press release. HFF arranged the financing.
ARTIC paid $213 million for the St. Regis, at 9703 Collins Avenue, in 2014, a deal that broke down to more than $1 million per room. The 27-story luxury hotel includes 192 rooms and 24 condo-hotel units. It features a spa, two pools, a gym, business center, 11,200 square feet of meeting space and a 7,800-square-foot ballroom, and a handful of restaurants.
Qatar’s ruling Al Thani family controls ARTIC subsidiary Al Faisal Holdings. The firm also refinanced the 689-key Manhattan at Times Square hotel for $290 million and the 172-key St. Regis in Washington, D.C. for $81 million, bringing the total refinancing to $503 million, including the St. Regis.
In South Florida, the Qatari company also owns the W Miami, formerly known as the Viceroy Miami at 485 Brickell Avenue. – Katherine Kallergis