Beijing-based Sunshine Insurance announced on Monday that it is planning to buy the Baccarat Hotel in Manhattan for $230 million from Starwood Capital Group LLC. The Wall Street Journal noted on Friday that the sale price comes to more than $2 million per room.
The Baccarat will have 114 rooms, decorated with 15, 000 pieces of crystal from Baccarat SA. If you plan to stay there, it will cost you around $18, 000 per night in the suites.
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Chinese companies appear to be on an overseas real estate buying craze this season: the Anbang Insurance Group is going to shell out 1.95 billion to become proud owners of New York’s Waldorf Astoria Hotel.
The Baccarat Hotel was built by real-estate tycoon Barry Sternlicht‘s Starwood Capital Group. Sternlicht used to be CEO of Starwood Hotels & Resorts Worldwide Inc, whose hotel chains include the St. Regis, Westin and W Hotels.
Last November Sunshine Insurance picked up the Sheraton on the Park hotel in Sydney for $399 million.