It took $1 billion and six years to complete the St. Regis Bal Harbour, but Starwood Resorts & Hotels sold the property to a private firm based in Qatar for $213 million. The resort only opened in January of 2012, but as of January of 2014, it has been in the hands of Al Rayyan Investment Company.
Al Rayyan Investment Company is a subsidiary of one of the largest companies in Qatar known as “Al Faisal Holding Company.” Even though this is the case, people don’t have to worry that their experiences at this resort will be different. Starwood is going to continue to manage the property, and the building’s restaurant J&G Grill will not be affected.
The St. Regis Condo Hotel Bal Harbour is a high-rise luxury condominium construction that has 250 private residences, but it also has 210 hotel suites. The price for these suites is around $450 a night, but the price can increase to $1,000 a night during the popular season. The presidential suite has an even higher price at $5,000 a night during the off-season and $30,000 a night during the busiest season. This price is worth paying because guests will stay in a 2,800 square-foot two-bedroom suite that has a dining room and a private elevator. The smaller hotel suites are also remarkable. They contain 650 square feet of space as well as optional butler service, a balcony and marble accents.
Al Rayyan Investment Company is very familiar with luxury hotel properties, so the St. Regis Condo Resort Bal Harbour is not the first time this company has transacted this type of purchase. The company holds about 25 similar properties in Africa, the Middle East, Europe and North America.
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