Al Rayyan Tourism Investment Company (Artic), the international hotel investment and hospitality subsidiary of Al Faisal Holding Company, has acquired the Viceroy Miami luxury boutique hotel, its fifth investment in the US.
The hotel – part of the Icon Brickell project, a ground-breaking 10-acre development situated directly on the waterfront in downtown Brickell, Miami’s burgeoning urban centre – will now be converted into a W hotel and renamed W Miami.
Currently operating as Viceroy Miami, the hotel is part of a three tower project in downtown Miami. It is located in Tower 3 and comprises 148 rooms and suites, five commercial units, and 38 condominium hotel units which are currently part of a hotel rental programme.
“W Miami is a magnificent property which we are proud to add to our expanding US investment portfolio. It is our fifth investment in the US and our second in Miami and its acquisition, which is fully in line with our targeted strategic approach, demonstrates the strides which Artic is successfully making in the global arena,” Sheikh Faisal bin Qassim al-Thani, chairman of Artic said.
Artic’s US hotel portfolio includes Radisson Blu in Chicago, The St. Regis Washington DC, The Manhattan Times Square in New York and St. Regis Bal Harbour Hotel and Resort in Miami. All these hotels are fully operational.
Along with this acquisition, Artic has signed an agreement with Starwood Hotels and Resorts, one of the world’s leading hotel and leisure companies, for Starwood to run the hotel. “This clearly demonstrates Artic’s commitment to adding value to its investments,” he added.
Designed by Arquitectonica, the hotel’s 50-storey structure reinforces the architecture firm’s reputation for innovation through its ultra-modern design and expansive public spaces that maximise the stunning views.
The hotel opened in 2009 and contains several award-winning restaurants and flexible function spaces, including a signature rooftop lounge on the 50th floor, a 28,000sq ft spa, and a 300ft rooftop pool, Florida’s longest infinity pool overlooking Biscayne Bay.
“The US market has always been attractive to us. Artic entered the US in 2012, focusing on the hospitality industry, and since then the hotel industry has been growing strongly, benefiting our US investments,” according to Sheikh Mohamed bin Faisal bin Qassim al-Thani, vice chairman of Artic.
“This new acquisition reflects our uncompromising investment focus on asset quality, location and architectural design. Looking ahead, Artic will continue to evaluate and take advantage of new opportunities for portfolio growth and value creation,” Tarek M El Sayed, managing director of Artic said.