The St. Regis Bal Harbour Goes to a Firm Based in Qatar
It opened in January of 2012, but it has already been sold to a new owner. Starwood Resorts & Hotels offered the St. Regis Bal Harbour to Al Rayyan Investment Company for $213 million.
This acquisition was typical of the kind of transaction that Al Rayyan Investment Company regularly makes. This company’s executives search for high-end real estate in the most exclusive locations in the world. With that being the case, it’s easy to see why they chose to purchase the St. Regis Condo Hotel Bal Harbour.
Not much is going to change about the resort because of this sale. The name will remain the same, and Starwood will continue to manage the property. The building’s restaurant J&G Grill that is managed by chef Jean-Georges Vongerichten will not be affected by the sale.
The St. Regis Condo Resort Bal Harbour is located at 9703 Collins Avenue. The building has 250 private residences that range in price from $2 million to $10 million. Unfortunately, most of these units have already been sold. The resort will continue to have 210 hotel suites that can be reserved for $450 a night. However, the price is expected to increase to around $1,000 a night during the busy season.
The highlight of this resort is the two-bedroom presidential suite that contains 2,800 square feet of space along with a dining room and a private elevator. The average hotel suite is also a great find because it contains 650 square feet of space, a balcony, marble accents and optional butler service.
The buyer is a subsidiary of one of the largest private firms in Qatar Al Faisal Holding Company. Al Rayyan Investment Company has also purchased luxury properties in the Middle East, Africa, North America and Europe.