The most highly valued hotel in the U.S. as reported by The Wall Street Journal, is a hotel that hasn’t even opened it’s doors yet!
Which hotel is it? The Baccarat Hotel, in New York reportedly has fetched a whopping $230 million dollars from Chinese insurer, Sunshine Insurance Group Co. making it the highest valued hotel in the U.S. and they haven’t even check in one guest yet!
Highest Valued Hotel In U.S.?
“Sunshine Insurance Group Co. is paying real-estate mogul Barry Sternlicht ’s firm and a partner more than $2 million a room for the Midtown Manhattan property, according to people familiar with the matter. One person said the valuation beats the previous record set by the Plaza Hotel, the New York landmark that was sold in 2012 to India’s Sahara Group for $2.04 million a room, according to hotel data tracker STR Analytics.”
Sternlicht founded Starwood in 1991 and was also chief exec of Starwood Hotels & Resorts Worldwide before he left the company in 2005. Starwood Capital Group LLC built the luxury hotel along with a high-end condo project but, they haven’t disclosed how much the project has cost. “Starwood, which acquired French crystal maker Baccarat in 2005, will continue to manage its namesake hotel.”
The new Baccarat Hotel has 114-rooms and will reportedly feature 15,000 pieces of crystal stemware along with plenty of French Baccarat chandeliers. Minibars are planned to be loaded with Parisian specialties from Fauchon and suites are reportedly expected to cost up to $18,000 per night! Wowsers!
“The Baccarat is slated to open its doors next month. It is rare for a buyer to commit to a luxury property that has no track record and no guarantee it can get the $900 to $1,000 a night that Starwood plans to charge for standard rooms.”
I’m sure that the hotel will be stunning! It will be interesting to see what kind of rates the hotel is able to sustain once it has been open for a little while. One can only hope for the opportunity to get to stay in one of those suites! Can you say upgrade? What do you think; are you planning on booking at the new Baccarat Hotel in NY?