Starwood Capital sells NYC hotel for $230m
Starwood Capital Group has sold the Baccarat Hotel New York in Manhattan to an affiliate of China’s Sunshine Insurance Group. Terms of the transaction were not disclosed in the official announcement; however, the sales price is estimated to be $230 million or $2.04 million per room, according to Real Capital Analytics.
The 114-room property is located on Manhattan’s West 53rd St., fronted by an outdoor garden terrace facing the famous Museum of Modern Art façade. The hotel occupies the first 12 floors of the 50-story Baccarat Hotel and Residences project scheduled to open the first week of March.
Developer Tribeca Associates built the Baccarat hotel and condominium project. It has a 125-foot-wide corrugated crystal façade rising 60 feet above the sidewalk. The hotel features 114 rooms, including 26 suites. The Baccarat New York includes the Spa de La Me