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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

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

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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

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Baccarat New YorkBarry SternlichtStarwood Hotels And Resorts