Sternlicht's Hotel Buy Could Tie Record
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Barry Sternlicht's Starwood Hotels & Resorts Worldwide is on the verge of a deal to sell the upcoming Baccarat Hotel in Manhattan for $200M. If the deal closes at that price, it would tie the $2M per room hotel sale record currently held by the Plaza Hotel in New York. The 114-room Baccarat at 20 West 53rd Street in Manhattan, is due to open in February. Starwood teamed with Tribeca Associates to develop the property, where the penthouse condo is currently on the market for $60M.
The Wall Street Journal, which broke news of the late-stage Baccarat negotiations, noted that Starwood will continue its strategy of snatching up hotels and then selling them roughly three years later. While the sale would match the per-room price record, the relatively small Baccarat wouldn't equal the Plaza's $570M price tag.