Starwood Hotels Resorts has announced the sale of the St. Regis Bal Harbour Residences located in Florida, United States to Qatari investment firm Al Faisal Holdings for 213 million dollars. Under a long-term agreement, the hotel group will maintain management over the property.According to Simon Turner, president of global development for the hotel group, this sale represents the continuation of Starwood Hotel's Asset-Light policy. "We look to sell owned real estate at the right time to the right owners to create value for our shareholders. We continue to see strong interest in our remaining assets from investors around the world", he says.
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