June 06, 2016
Earlier in the week, the owner of the beautiful St. Regis Bal Harbour walked away with the South Florida icon, the Viceroy Miami. At a price tag of $64.5M, this is another optimistic turn for the Miami real estate market.
Based out of Qatar, Al Rayyan Tourism Investment Company, one hotel investment portion of Al Faisal Holding company, has purchased the 50 story building and converted it to the W Miami, a Starwood Hotel & Resorts brand that spreads across the world.
Before these massive purchases from our friends in the Middle East, the Hotel was owned by REIT Pebblebrook Hotel Trust, while previously being operated by West Hollywood-based Viceroy Hotel Group.
With the changes in ownership and management company, W Miami will now undergo a renovation that will create a “W Living Room” on the hotel’s 15th floor overlooking Biscayne Bay, and convert the 50th-floor rooftop into a cocktail lounge and WET deck. – Katherine Kallergis
The W Miami is expected to undergo a signature brand renovation, creating a “W Living Room” on the 15th-floor platform opening to the bay. They also expect to turn what is now ClubFifty into a cocktail lounge, and WET deck. Can’t wait to see the view!