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Costly hotel deal at more than US$2m per room
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CHINA’S Sunshine Insurance will purchase Manhattan’s luxurious Baccarat Hotel from Starwood Capital Group LLC for US$230 million, equivalent to above US$2 million per room, the insurance company said in a statement yesterday.
The Wall Street Journal said the valuation of over US$2 million per room was the most costly hotel deal on record.
The deal comes as Chinese companies embark on an overseas real estate buying spree. China’s Anbang Insurance Group Co will purchase New York’s famous Waldorf Astoria Hotel for US$1.95 billion after US regulators approved the transaction earlier this month.
The Baccarat Hotel was built by Starwood Capital Group, founded by real estate tycoon Barry Sternlicht who was previously the CEO of Starwood Hotels & Resorts Worldwide Inc, the company behind upmarket hotel chains including the St Regis, Westin and W Hotels.
In November, Sunshine Insurance bought Sydney’s upmarket Sheraton on the Park hotel for US$399 million.
The Baccarat Hotel will charge up to US$18,000 per night for suites, the insurer said.
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