Baccarat Hotel New York Sold
Starwood Capital and The Olayan Group have sold the brand new Baccarat Hotel in New York City to Sunshine Insurance Group Co., a Chinese insurance firm. The Group had invested in the hotel through a joint venture with Starwood Capital in February 2011.
The 114 hotel rooms were sold for more than $2 million per room resulting in a sale of $230 million to Sunshine Insurance Group Co. SH Management, the owner of the Baccarat and “One” hotel brands, still has the management contract of the hotel. The top 32 floors of the hotel are residences while the remaining 17 consist solely of rooms. The location on West 53rd Street off Fifth Avenue overlooks the famous Museum of Modern Art (MOMA).
The property is the global flagship hotel for the 250-year-old Baccarat crystal brand and marks its entry into the luxury hospitality arena. The Olayan Group will retain its interest in the Baccarat brand through its partnership with Starwood Capital.