Qatar firm buys St. Regis Bal Harbour for $213 million

20
Feb

What You Must Know about the St. Regis Resort  

It cost $1 billion to build the St. Regis Bal Harbour. Starwood Resorts and Hotels is responsible for this highly luxurious building that took about six years to complete. It finally had its grand opening last year in January. On January 22 of this year, executives with Starwood announced that the property had been sold to a firm that is based in Qatar. The purchase price was $213 million.

 

The chairman of Al Rayyan Tourism Investment Company Sheikh Faisal bin Qassim al Thani gave a statement to the press last month. In the statement, he expressed the fact that he is extremely pleased with this acquisition. The building will be added to an ever-increasing portfolio of similar properties. The buyer’s portfolio largely consists of assets that can be considered to be “world-class” that are located in the most desirable portions of the planet. The manager of the St. Regis Condo Hotel Bal Harbour will continue to be Starwood Resorts and Hotels, and the name will remain the same.

 

Starwood’s president of global development Simon Turner stated that the sale was a part of the company’s larger strategy. The company has plans to continue to sell the right properties to the right people so that they can please their shareholders. He also stressed the fact that the St. Regis in Bal Harbour  is a “trophy asset.”

 

The St. Regis Condo Resort Bal Harbour is a high-rise building that contains 27 floors and is located at 9703 Collins Avenue. The structure has 250 permanent condominium residences, but it also has 210 hotel rooms. The smallest condominium unit has two bedrooms, and the largest unit has five bedrooms. The starting price is $2 million, and the most expensive homes have a price tag of around $10 million. However, most of the homes have already been sold.

 

The resort is in a great location right across the street from the Bal Harbour Shops, and hotel rooms can cost $450 a night during the summer. During the popular season, rates rise to as high as $1,000 a night. When one considers the fact that a St. Regis room contains 650 square feet of space, marble accents, a balcony and optional butler service, you know that it is well worth the price.

 

The hotel has a presidential suite, and it has 2,800 square feet of space and contains a private elevator, a dining room and two bedrooms. In September, this gem may cost $5,000 for one night, but the price can easily go up to $30,000 a night in other months.

 

People do not need to be concerned about star chef Jean-Georges Vongerichten of the J&G Grill. His restaurant is not a part of the transaction.

 

Al Rayyan Tourism Investment Company is a subsidiary of Al Faisal Holding Company, and it is one of the largest private firms in Qatar. Al Rayyan’s other luxury hotels can be found in North America, Africa, the Middle East and Europe. 

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