The Real Deal New York

Chinese firm buying Baccarat Hotel for record $2M per room

Sunshine Insurance Group agrees to pay $230M for Starwood-developed Midtown property

February 06, 2015 02:00PM

baccarat-sunshine

From left: Sunshine’s Zhang Weigong,  a rendering of the Baccarat at 20 West 53rd Street and Barry Sternlicht

Chinese insurer Sunshine Insurance Group agreed to buy the Baccarat Hotel from Barry Sternlicht’s Starwood Hotels & Resorts Worldwide for more than $230 million, setting a price record on a per-room basis.

The sale of the 114-room hotel at 20 West 53rd Street would tie or potentially exceed that of the Plaza Hotel in 2012 as the priciest ever for a U.S. hotel based on the number of rooms – at more than $2 million per room. The deal is the rare example of a hotel selling before it opens, the Wall Street Journal.

The Baccarat, which Starwood and Tribeca Associates jointly developed, is expected to open in the next month. Suites will rent for $18,000 per night. Starwood would continue to manage the property.

Eastdil Secured, which advised on the $1.95 billion sale of the Waldorf Astoria hotel, represented Starwood in the deal.

Sunshine Insurance Group was founded in 2005 and has since expanded to include departments on asset management and life insurance. The firm agreed to acquire a Sheraton hotel in Sydney, Australia, for $380 million in November. [WSJ]Mark Maurer

  • Demi Monde

    Suites will rent for $18,000 per night? You have got to be f’ing kidding me. When it was floated years ago they’d be going for $1,200 a night, I thought that was insane. Surely this is a factual error.

    • Demi Monde

      And for the record, I’d like people to keep in mind this used to be a public library that faithfully served all strata of the public for 53 years, that was stolen from them with no public or staff or community board imput. How this property developed is an outright crime that sickens me even more, to this day. I was a lowly librarian there, who was so busy I ran around like a headless chicken every day, performing essential services for the people of he city of NY. This whole 7 year nightmare just sickens me. NYC was GIVEN AWAY BY BLOOMBERG. F’ing stole public designated land and privatized it. That man is the devil and he will rot in hell for eternity. The replacement “library”? The library had to pay for. So in toto, the condos when for almost all together 1 billion, and then this. Sold for $58m. Cleared $38m, new library is $20m. NYPL got f’ed, and surely they knew it and were in on it. Makes me f’ing sick to my stomach.

  • thismonde

    Demimonde, who really cares that the library is gone. It was poorly staffed, dirty, loud and not useful to most of the public. The new building creates more valuable jobs than librarian jobs. we still have the main library so that is all that matters. and btw it isn’t bloombergs fault. he did an outstanding job, especially when you compare him to the nitwit we have now

    • Demi Monde

      Thousands of people, thismonde. It was superbly staffed and maintained. Your comments make it readily evident you never stepped foot in the building, or interacted with its staff. And excuse me, but what is more valuable than a librarian in a f*cking library, you abject ahole landgrabber ignoramous? I resent with total prejudice your insult of the maintenance of the building, and its staff. All units had been renovated, mine, the most extensive, financially backed by Councilman Tom Duane and State Senator Roy Goodman. It opened officially 11/29/01. All the other units were refurbished or renovated (sprucing was a popular term then), but the point being the building was not neglected, was not poorly staffed, f*ck you for saying that, what an insult to me and my staff, dirty, it was immaculate, your never obviously were in it, and not useful to the public? IT WAS THE SECOND BUSIEST LIBRARY IN THE COUNTRY. I don’t know who you are or why you’re trying spread lies, but I will be right behind you, correcting your total b*llshit. This library, that belonged to the public, this publicly owned space, this parcel of property, was STOLEN. And don’t think I didn’t notice you didn’t respond to me directly. That is because you have a lot of obfuscation to do and a lot to hide and a lot of lying to do.

      • MustangJae

        demi monde I worked there as a contruction worker the library has been replaced one story below ground and doesn’t belong to the owners of the building I will be run by the original people I believe

        • Demi Monde

          Did you replace it with its original 88,000 square feet, MustangJae? No, you didn’t. It’s under 20k. Hardly a replacement. No more Media Center, no more Central Children’s Room, no more Teen Central, no more World Languages unit, no more general reference room. Hardly a replacement. Though Donnell had been funded with a generous donation by Ezekiel Donnell decades ago, to found a teen library, I have heard the new “library” will not even bear his name any longer. It is a travesty of the greatest magnitude, and how it was stolen from the people of the city of NY is a scandal that will be exposed of epic proportions that is understood by the people of NYC. Why do you think the CLP (Central Library Plan) was derailed, that Mid Manhattan isn’t being sold? Because outraged NYers and authors and scholars from all over the world fought back with a rabidness that even the library’s venal Board couldn’t withstand. And it is all because of the way Donnell was literally stolen from the city’s residents. And MustangJae, you probably saw me. I was the one standing over at MoMA, crying, as I watched you destroy my library.

    • Demi Monde

      What’s more valuable than a librarian in a library, genius? Can’t wait to find out.

    • Lloyd Bergenson

      How is a luxury hotel more valuable to the community than one of the most popular libraries in the city? Donnell had the most extensive collection of foreign language,children and YA materials in the NYPL system, and it’s being replaced by a much smaller space in the basement of a new building that won’t even include any affordable housing. And for what? The library was sold off for a paltry $40 million without any public input.

      • Demi Monde

        Who ever you are, I love you. Thank you for recognizing the importance of public, civic space. I am chagrined you left off you list the Media Center, which was second to none, but I will give you a pass since you accalaimed Donnell the way it deserved. Thank you. P.S.. I used to work there.

        • Lloyd Bergenson

          Have you reached out to Save NYPL (savenypl.org)? They were active in defeating the Central Library Plan and continue to advocate for responsible library public policy. I’m sure they’d love to hear from you!

          • Demi Monde

            I’ll refrain from telling you what I think of that organization. I am allied with Citizens Defending Libraries, for numerous reasons.

  • New Man

    Whoa. Hell hath no fury…than a displaced librarian.
    (sorry, Demi, for your loss)

    • Demi Monde

      Fuck you.

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  • Susan Skinner

    Barry Sternlicht is with Starwood Capital. Starwood Hotels and resorts is a separate and very different entity.

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