Barry Sternlicht’s Starwood Capital Group is reportedly looking for a buyer for its upcoming Baccarat Hotel in New York City. The New York Post broke the news of the deal stating that the group was reaching out to several investors and is looking to sell the luxury hotel for something above $228 million ( $2 million for each of its 114 elegant rooms and suites). If it manages to sell for that much, it would become the most expensive deal in the area.
Starwood Capital Group announced it was opening the Baccarat Hotel chain (separate from Starwood Hotels) in 2006, but plans were put on a standstill after the economy crashed. Last year, the group announced it was reviving the hotels and declared that it would be building five Baccarat hotels around the world.
The New York City hotel is expected to open by December this year. Starwood Capital Group will retain management of the hotel even after transferring ownership.
Baccarat Hotel & Residences located just off Fifth Avenue on 53rd Street directly across from the Museum of Modern Art will offer 61 private residence as well as 114 hotel rooms including 26 suites. The hotel will have a crystal bar with a Parisian terrace reminiscent of the Tuileries Garden, and a bar and restaurant. It is scheduled to open to coincide with the 250th anniversary of the French brand that has a pact with Starwood that includes selling its designs in lobby shops.