China-based Sunshine Insurance Group has announced plans to buy the Baccarat Hotel in New York City from Starwood Capital Group in a deal worth more than $230m.
Starwood Capital Group is said to have constructed the Baccarat Hotel & Residences luxury hotel with the New York-based real-estate developer Tribeca Associates. Starwood will continue to manage the 114-room property, which is expected to be opened in March.
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The hotel is located on West 53rd Street and features 15,000 pieces of French crystal stemware, as well as chandeliers.
Media sources reported that the hotel is housed in a 50-storey skyscraper and offers amenities including a spa, and a bar.
According to real-estate brokers and analysts, companies in China see luxury hotels as long-term investments in major global capitals and can provide steady income during a period of low interest rates.
JLL global hotel group head of the Americas Gilda Perez-Alvarado said recently that the Chinese Government has liberalised new set of rules.
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The companies in China have an option to invest up to $1bn as per the new rules, without obtaining approval from the government, The Wall Street reported.
