Bye-bye Sheraton.(HOSPITALITY)

The Sheraton Bal Harbour, long a favorite hotel for groups, small conventions and luxury leisure travelers, will soon be vacating its prime position on the waterfront, across the street from the Bal Harbour Shops. Miami-based developer The Related Group of Florida and hotel owner Starwood Hotels & Resorts Worldwide say they will demolish the Morris Lapidus-designed hotel to build a St. Regis Resort & Residences, the second in the region. (A St. Regis in Fort Lauderdale is set to open later this year). The St. Regis will have 340 condominiums and 285 condo-hotel rooms--far fewer th