MIAMI—Starwood Hotels has sold the St. Regis Bal Harbour Resort in Miami for $213 million. Al Rayyan Tourism Investment Company (ARTIC), the international hospitality subsidiary of Al Faisal Holding Company, one of Qatar's largest private diversified industry groups, acquired the resort.

“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 to create value for our shareholders,” says Simon Turner, president of Global Development for Starwood. “We continue to see strong interest in our remaining assets from investors around the world, and look forward to working collaboratively with ARTIC on the future success of this property.”

Located at 9703 Collins Avenue, The St. Regis Bal Harbour Resort is directly opposite the Bal Harbour Shops and near Miami's vibrant South Beach. The 27-story oceanfront property has 207 rooms and suites. The resort also features the St. Regis Bal Harbour Residences, branded private residences and condo-hotel units, which are nearly sold out.