Qatar Investment Authority has acquired the St. Regis New York from Marriott International for $310 million, according to the WSJ. The 18-story hotel spans 310,635 SF, and contains more than 200 guest rooms, plus the King Cole Bar.
- Worth Noting: Marriott will continue to operate the hotel under a long-term contract with QIA. Room rates on Thursday night ranged from $779 to more than $4,000 for a suite. The hotel has an address of 2 East 55th Street near Fifth Avenue.
- Be Smart: Marriott, the world’s largest lodging company, doesn’t own many hotels, preferring to earn fees for licensing brands and managing properties for real estate partners. Globally, there are more than 7,000 hotels in the Marriott system, 14 of which are owned by the company, Bloomberg noted.