United Kingdom
United States
Asia Pacific
Chinese firm in record breaking deal for New York’s Baccarat Hotel
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.
Related News Stories:
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled