Starwood Capital Group has agreed to sell the Baccarat Hotel New York to an affiliate of Sunshine Insurance Group. The hotel occupies the first 12 floors of the 50-story Baccarat Hotel and Residences project, which is scheduled to open the first week of March.
The New York property is the global flagship hotel for the 250-year-old Baccarat brand and marks the entry of the brand into the luxury hospitality arena. The project is located just off historic Fifth Avenue in New York City and rises 605 feet over 50 stories. Adorned by a 125-foot wide corrugated crystal façade rising 60 feet above the sidewalk, the building embodies the Baccarat crystal heritage. The hotel features 114 rooms including 26 suites.
Following the transaction close, the Baccarat Hotel New York will be managed under a long-term contract by Starwood Capital’s SH Group. SH Group’s professionals serve as Starwood Capital’s in-house design, construction, marketing, technology, and hotel operations experts. Not included in the sale are the 59 residential condominiums located on floors 18 to 49, known as the Baccarat Residences New York.Â
