Starwood Capital Group, the Barry Sternlicht-led international real estate and development 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. If it manages to sell for that much, it would become the most expensive deal in the area and also help launch the Baccarat brand with a bang.
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, reports Hotel Chatter.
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.
The Big Apple Baccarat Hotel is set to rise up 45-stories, spanning an area of 132,000 square feet. The hotel will have 113 suites and penthouse residences that are reportedly being marketed for $60 million and above.
Discussing the features of the luxury hotel chain, Starwood Capital Group wrote in a prior statement:
"Each Baccarat Hotel will be unmistakably unique, designed to draw upon its surroundings while upholding the passionate attention to detail one would expect from the Baccarat name. From its impeccably high standards of service to its refined interior and exterior design, guests and residents will be instantly enveloped by Baccarat's world-renowned blend of culture and aesthetics from the moment they walk through the lobby doors. Every shimmering detail will radiate elegance, from luminous expansive rooms and residences, which will number from 80 to 250 per property, to luxurious furnishings, which will feature signature Baccarat chandeliers. Other features will include world-class dining options and exclusive services designed to shape personalized experiences for every guest."
While the New York City hotel is going to be sold off for a massive price even before it completes construction, two more Baccarat hotels have been planned - one in Morocco by 2015 and another in Dubai by 2018.
Recently, Starwood Capital Group dropped $68.2 million on a 137,589- square feet 144-unit rental building at 277 West 10th Street in the West Village, reports The Real Deal. No word on what they intend to do with the building.
