St. Regis Bal Harbour Settlement – Residents and Qatari Owner Resolve Mold and Structural Issues

St. Regis Bal Harbour Settlement Ensures Safety and Repairs

Residents of the St. Regis Bal Harbour condominiums and the Qatari ownership group have finalized a settlement that resolves concerns about mold, cracked concrete, and possible structural damage. The St. Regis Bal Harbour settlement marks the end of a long legal dispute and creates a clear plan for inspection and repairs by a third-party engineering firm.

Background and Allegations

The Bal Harbour North South Condominium Association filed suit in November 2023, claiming years of neglect had created unsafe conditions. The complex, built in 2012 at 9703 Collins Avenue, features two condominium towers and a hotel managed by Marriott International.

Al Rayyan Tourism Investment Co. (ARTIC), through its U.S. affiliate Seldar Miami Holding LLC, bought the 216-key hotel for $213 million in 2014. The company manages shared elements such as the parking garage. The lawsuit included photos of cracked concrete, open acid barrels, and exposed wiring—details that raised safety fears among residents.

Importantly, the association compared the situation to the 2021 Surfside Champlain Towers South collapse, though engineers confirmed there was no immediate risk. Still, the association said immediate repairs were essential to prevent further deterioration.

Resolution and Next Steps

After months of negotiation, both sides reached the St. Regis Bal Harbour settlement in August 2025. The deal calls for independent testing, mold remediation, and visual restoration of the property’s common areas.

“This settlement ensures our buildings remain safe, secure, and visually stunning,” said Gregory Sachs, association president. “We are proud to collaborate with Seldar and Marriott to uphold our community’s high standards.”

Tarek El Sayed, managing director of Seldar, added, “We value our productive relationship with the association and reaffirm Marriott’s role in maintaining the St. Regis brand’s excellence.”

To learn more about Miami-Dade’s building-safety programs, visit Miami-Dade County Building Safety.

Financial Context and Loan Update

ARTIC, part of Al Faisal Holding Co. owned by Sheikh Faisal Bin Qassim Al Thani, refinanced the hotel in 2021 with a $188 million CMBS loan from Column Financial. This replaced a prior $132 million loan arranged by the Reuben Brothers.

Recently, the loan entered special servicing before its November 2025 maturity. ARTIC plans to use its one-year extension option, which requires a new interest-rate cap. Although property cash flow dropped from $24.6 million in 2021 to $16.4 million in 2024, analysts expect the loan to remain current.

“There’s nothing alarming about this property,” said David Putro, senior vice president at Morningstar Credit. “The main issue is the upcoming maturity extension, which should be resolved soon.”

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