18 Jun 2014
Starwood hopes to sell its Baccarat hotel in Manhattan for US$230m
BY Helen Andrews
Starwood Capital Group hopes to sell the hotel section of its Baccarat Hotel and Residence on New York's Manhattan Island for as much as US$230m (€170m, £136m) – setting the city record at US$2m (€1.5m, £1,2m) for each of its 114-bedrooms, according to the New York Post.
The residences above the hotel, opposite the Museum of Modern Art, are being sold separately to the hotel and have asking prices of up to US$60m (€44.2m, £35.4m) for each of the 13 penthouse apartments. The residences have access to a Baccarat spa, fitness and aqua centre – which features a 55m (180ft) marble pool, five-star restaurant and several bars.
Starwood plans to retain management of the 46-storey luxury hotel, built in 2012, through its affiliated SH Group.
According to the Post, the hotel will be filled with more than 12,000 Baccarat-branded crystal items, including crystal chandeliers. In 2005, Starwood acquired Groupe du Louvre – which owns the crystal maker Baccarat. The hotel's scheduled reopening in Q3 of this year is planned to coincide with the 250th anniversary of the French brand.
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