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

New York /
Dec.December 24, 2014 08:30 AM

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


Related Articles

arrow_forward_ios
From left: Federal Reserve chair's Jerome Powell and Starwood Capital Group's Barry Sternlicht (Getty)
Barry Sternlicht calls Fed’s actions “suicide”
Barry Sternlicht calls Fed’s actions “suicide”
Starwood’s Barry Sternlicht (Getty)
Sternlicht, with $1.3B in dry powder, touts caution in “financial hurricane”
Sternlicht, with $1.3B in dry powder, touts caution in “financial hurricane”
Starwood's Barry Sternlicht and Thor Equities’ Joe Sitt with 470 Broadway (Getty, Thor Equities)
Thor unloads troubled 470 Broadway to Sternlicht’s LNR
Thor unloads troubled 470 Broadway to Sternlicht’s LNR
Brad Greiwe (Photos by Marcello Rostagni)
The Closing: Brad Greiwe
The Closing: Brad Greiwe
53 Sonrise Place in Fellsmere, FL and Starwood Capital Group chairman Barry Sternlicht (Google Maps, Illustration by The Real Deal with Getty)
Starwood snaps up Florida affordable housing portfolio
Starwood snaps up Florida affordable housing portfolio
Barry Sternlicht, Starwood Property Trust, recession, earnings
“We’re in the eye of the hurricane”: Sternlicht eyes growth in economic turmoil
“We’re in the eye of the hurricane”: Sternlicht eyes growth in economic turmoil
Raúl Gorrín and 20 West 53rd Street (Google Maps, iStock, Asilvabuena, CC BY-SA 4.0 - via Wikimedia Commons)
NYC to auction Venezuelan media mogul’s Baccarat apartment
NYC to auction Venezuelan media mogul’s Baccarat apartment
Starwood’s Barry Sternlicht (Getty, iStock)
Sternlicht: Starwood is “sea of stability,” ready for recession
Sternlicht: Starwood is “sea of stability,” ready for recession
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...