Al Rayyan Tourism Investment Company (Artic), a wholly owned subsidiary of Qatar-based Al Faisal Holding, has acquired the Viceroy Miami for a total of $64.5 million.

The luxury hotel, which is the centerpiece of the 10 acre bayfront Icon Brickell mixed-use development, will be converted into a W Hotel and will be renamed as W Miami.

Having opened in 2009, the hotel offers 148 guestrooms and suites, as well as 38 residential units that are serviced by the hotel.

Following a change in ownership and management, the hotel will now undergo a renovation to create the W brand’s signature W Living Room on the hotel’s 15th floor overlooking Biscayne Bay. Additionally, the 50th floor rooftop will be transformed into a glamorous cocktail lounge and WET deck.

"W Miami is a magnificent property which we are proud to add to our expanding US investment portfolio,” said Sheikh Faisal Bin Qassim Al Thani, chairman of Al Rayyan Tourism Investment Company (Artic).

"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. We are excited to be working with Starwood Hotels & Resorts on this project in Downtown Miami. With the brand’s proven success in this market and exceptional reputation as a lifestyle innovator, W Hotels will bring new energy to the area for residents and travellers alike.” - TradeArabia News Service