• Record for Baccarat

Barry Sternlicht has sold his Baccarat hotel in New York for USD230m, more than USD2m per room. The hotel opens next month, but has already sold to Chinese investor Sunshine Insurance, reports the Wall Street Journal.

Sternlicht’s Starwood Capital will manage the 114 room luxury property, branded after the French crystal maker that Starwood bought in 2005. The hotel is aiming to charge up to USD1,000 per night for rooms.

Read the full story here:

http://www.wsj.com/articles/chinese-insurer-to-buy-new-yorks-baccarat-hotel-at-record-valuation-1423237592

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