The Real Deal New York

Starwood close to selling Baccarat for record $2M per room

$200M deal would tie 2012 Plaza sale as priciest for a U.S. hotel on a per-room basis

December 24, 2014 08:30AM

starwood-baccarat

Renderings of the Baccarat at 20 West 53rd Street and Barry Sternlicht

Barry Sternlicht’s Starwood Hotels & Resorts Worldwide is in late-stage talks to sell the forthcoming Baccarat hotel for $200 million, or a record $2 million per room.

If the deal were to close, it would tie the sale of the Plaza Hotel in 2012 as the priciest ever for a U.S. hotel on a per-room basis, according to STR Analytics data cited by the Wall Street Journal. Starwood would hold onto the Baccarat brand and maintain the management contracts under the deal.

After almost 10 years in private equity, Sternlicht returned to the hotel operations business to run the 114-room hotel at 20 West 53rd Street. Starwood and Tribeca Associates jointly developed the Baccarat, which is expected to open in February. A penthouse there is asking $60 million.

Starwood plans to continue acquiring hotels for its private-equity funds and then sell them about three years later, the newspaper said. [WSJ]Mark Maurer

  • Demi Monde

    This makes me physically ill. This had been a 54 year old public library, that was stolen from them and its employees, which includes me, with no public comment period, no community meetings, no community board inquiries, not a peep from city council or the public advocate, stolen, after 54 years as the second busiest library in the country, for a measly $38m. It is disgusting and a perfect epilogue on the state of not just the economy in general, but NYC especially when it comes to us who live and labor here. Soulless, uncaring, barren, and above all, greedy. Merry Christmas. I hope you are very proud of yourself, Barry Sternlicht. You disgust me. But not nearly as much as the board of the NYPL, which helped conceive and execute the assassination of a beloved public institution, just to line their and their friends’ pockets. Repellent and immoral.

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