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Starwood to Sell NYC’s Baccarat Hotel to Chinese Insurer

Barry Sternlicht’s Starwood Capital Group agreed to sell New York’s luxury Baccarat Hotel to an affiliate of China’s Sunshine Insurance Group.

The 114-room property on Manhattan’s West 53rd Street is scheduled to open next month, Starwood said in a statement Monday. The Beijing-based insurer agreed to pay $230 million for the hotel, which occupies the first 12 floors of the 50-story Baccarat Hotel & Residences project, the Wall Street Journal reported on Feb. 6.