Another Chinese insurance company has made a big splash in the New York hotel market, snapping up the Baccarat Hotel, and in turn setting a record based on price per room.
Sunshine Insurance Group will acquire the 114-room New York hotel for more than $230 million, representing a valueof more than $2 million per room.
It is a hefty sum considering the hotel is yet to open.
Suites at the Baccarat will go on sale for $18,000 a night when the hotel opens in the next month.
The vendor Starwood will continue to manage the property and may look at forming a partnership with Sunshine Insurance to further develop the Baccarat brand.
The agreement follows the recent deal by fellow Chinese insurance firm Anbang to buy the iconic Waldorf Astoria in Manhattan for $1.95 billion.
Sunshine also previously agreed a deal to acquire a Sheraton hotel in Sydney, Australia, for $380 million.
