Al Faisal Holding’s Artic acquires Miami hotel
02 Jun 2016 - 2:34
DOHA: Al Rayyan Tourism Investment Company (Artic), the international hotel investment and hospitality subsidiary of Al Faisal Holding Company, announced yesterday that it has acquired the Viceroy Miami luxury boutique hotel, in US and will now convert the property into a W hotel to be renamed W Miami.
The hotel is 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.
“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. It is an outstanding hotel in every way: location, quality and architectural design,” said Sheikh Faisal bin Qassim Al Thani (pictured), Chairman of Artic. “Along with this acquisition, we have 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 Artics’s commitment to adding value to our investments,” he added.
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.
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 maximize 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 28,000 square foot spa, and a 300-foot rooftop pool, Florida’s longest infinity pool overlooking Biscayne Bay.
Sheikh Mohamed bin Faisal bin Qassim Al Thani, Vice Chairman of Artic, said: “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. With this acquisition, Artic has become one of the key players in the US hospitality industry and I am confident that we are on the right track towards achieving our vision of becoming one of the world’s leading hotel investment groups through our strategy of portfolio expansion and value enhancement.”
The hotel has won several awards and accolades including Conde Nast Traveler’s 2013 & 2015 Top Hotels in Florida, USA Today’s “10 Best” 2015 Best Hotel Rooftop Bars, and a Fodor’s Choice Award.
Tarek M El Sayed, Managing Director of ARTIC, added: “This acquisition adds further value to our investment portfolio. With its unique location in Brickell - Miami’s Wall Street of the Americas and financial district - the hotel is the centerpiece of the Icon Brickell development. Looking ahead, Artic will continue to evaluate and take advantage of new opportunities for portfolio growth and value creation.”The Peninsula