Published On: Sun, Jun 15th, 2014

Barry Sternlicht’s Starwood Capital Seeks $230 Million For the New York Baccarat Hotel


Starwood wants to sell the new Baccarat Hotel in New York before it even opens.

 

Sternlicht,    Chairman and CEO of Starwood Hotels and Resorts,

 

Barry Sternlicht’s Starwood Capital Group is looking to sell the Hotel section of its Baccarat Hotel and Residence in New York for as much as $230 million. This was first reported in The New York Post.

It is the flagship location of a new chain of Baccarat hotels currently under construction by Starwood that will feature crystal chandeliers from Baccarat.

The 61 condominium apartments in the residence section of the building are available for sale individually with a penthouse going for $60 million.

Located at 20 W. 53rd Street on the corner of Fifth Avenue, across from the Museum of Modern Art, the Baccarat has 114 rooms, including 26 suites. The building was constructed in 2012 and has 46 stories. Residents have complete access to the hotel’s services, including a five-star restaurant, bars, spa, fitness and aqua centers, and a 24-hour concierge service.

34 of the residences are already in contract, including two that went for $20.25 million each, with another 13 being marketed that include the $60 million penthouse.

According to the New York Post, Starwood has been quietly looking for a buyer for the hotel. The company would, however, continue to manage it through its affiliated SH Group.

Set to open later this year, Forbes has listed it as one of the fifteen most anticipated new hotels to open in 2014.

Sternlicht is also looking to sell the two new ecologically friendly 1 Hotel & Homes in New York City which have not yet opened. These are the 1 Hotel Central Park at 1414 Sixth Ave., which has 229 rooms and suites and a large green façade, and the 1 Hotel & Pierhouse Brooklyn Bridge Park by the East River in Brooklyn , which has 10 stories and 193 rooms hotel.

 

Barry Stuart Sternlicht is a self-made man and the founder, chairman and CEO of Starwood Capital Group, a private investment firm focused on global real estate, energy, infrastructure and securities trading. He is also chairman of Starwood Property Trust, now the largest commercial mortgage REIT in the United States traded on the NYSE and Chairman of SWAY.

Born in New York City to a Holocaust survivor, Sternlicht graduated magna cum laude, with honors, from Brown University in 1982. In 1986, he received his MBA with distinction from Harvard Business School. After graduation, he went to work for JMB Realty, a real estate investment company, in Chicago where he learned the real estate business. In 1989, after the real estate market collapsed, he was laid off and went into business for himself.

Mr. Sternlicht has structured investments with an asset value of approximately $47 billion.

Headquartered in Greenwich Connecticut, Starwood Capital Group is an American private investment firm focused on global real estate, hotel management, oil and gas, energy infrastructure and securities trading. It operates Starwood Property Trust, Inc., Starwood Energy Group Global, L.L.C., Starwood Real Estate Securities, L.L.C., and SH Group.

Starwood manages approximately $33 billion of assets on behalf of its high net worth and institutional partners. Starwood Capital encompasses approximately 450 employees, plus 470 employees in its loan servicing business. It has regional offices in Atlanta, San Francisco, Washington, D.C., Los Angeles, Chicago and Miami, and affiliated offices in London, Luxembourg, Paris, Frankfurt and São Paulo.

 

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