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

TRD 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

From left: Jared Epstein, Barry Sternlicht, Bobby Cayre and Ziel Feldman

Power lunch: Barry Sternlicht, Ziel Feldman and Aurora execs talk shop at Pastis

Starwood earnings down 30% as REIT writes off losses from regional malls

Barry Sternlicht’s Starwood Capital is coming to the Meatpacking District

Starwood expects to boost offshore investing as US economy slows

Manhattan luxury condos tied to alleged Venezuelan money-laundering scheme

Starwood’s CEO hates the Opportunity Zone program. Guess whose company just launched an OZ fund?

Leslie Alexander made $2.1B selling the Houston Rockets last year. Here’s how he fared at the Baccarat.

Manhattan luxury market notched 24 contracts last week at $4M and up: Olshan