Starwood Hotels & Resorts Inc., the owner of the Sheraton and W brands, sold the St. Regis Bal Harbour Resort in Miami to a unit of Qatar’s Al Faisal Holding Co. for $213 million.
Starwood will continue to manage the property, which includes a 27-story ocean front hotel with 207 rooms, the Stamford, Connecticut-based company said today in a statement.
“The sale of this trophy asset marks another step forward in Starwood’s pursuit of an asset-light strategy as we look to sell owned real estate at the right time to the right owners,” Simon Turner, president of global development, said in the statement. “We continue to see strong interest in our remaining assets from investors around the world.”
Increasing wealth and travel demand will boost Starwood’s revenue in 2014, the company said in its Oct. 24 earnings report. Growth in hospitality helped Blackstone Group LP’s Hilton Worldwide Holdings Inc. raise $2.35 billion last month in a record initial public offering for the industry.