NEW YORK—Starwood Capital Group, a global private investment firm, has agreed to sell, on behalf of a controlled affiliate, the flagship Baccarat Hotel New York at 20 West 53rd St. in Manhattan to an affiliate of Sunshine Insurance Group. Terms of the transaction were not disclosed.
The hotel occupies the first 12 floors of the 50-story Baccarat Hotel and Residences project scheduled to open the first week of March. The New York property, located across the street from the Museum of Modern Art, is the global flagship hotel for the 250-year-old Baccarat brand and marks the entry of this brand into the luxury segment. The project is located just off Fifth Ave. in New York City and rises 605 ft. over 50 stories.
The hotel features 114 floor-to-ceiling-windowed rooms including 26 suites that feature custom Baccarat amenities. The Baccarat New York includes the bespoke Spa de La Mer; a fitness center and indoor pool; and a destination bar on the upper lobby level.
The salons and meeting spaces will feature afternoon tea and dining all day long. At the street, Baccarat’s Chevalier restaurant, named for one of Baccarat’s designers, will be hosted by notable maitre d’ Charles Masson; and feature modern French cuisine in its beautiful unique setting.
Following the transaction close, the Baccarat Hotel New York will be managed under a long-term contract by Starwood Capital’s SH Group, a hotel management company created by Starwood Capital.
Sunshine Insurance Group is a comprehensive insurance financial group based in China. Starwood Capital Group was advised by Eastdil Secured LLC and represented by Greenberg Traurig LLP on the sale, and Sunshine Insurance Group was advised by JLL’s Hotels & Hospitality Group and represented by Holland & Knight LLP.