Newstrack

Starwood Capital unveils Baccarat hotels

EH Staff - Mumbai

Starwood Capital Group, an international real estate investment and development firm led by Barry Sternlicht, announced the creation of Baccarat Hotels & Resorts, a five-star luxury hotel brand inspired by Baccarat's global iconic status.

The group's controlled affiliate owns 86 per cent of the shares of the Baccarat company. For more than 200 years, Baccarat has been synonymous with luxury. The first announced Baccarat Hotel project will be located in Wailea, Hawaii, expected to open by 2010, with several other locations to follow, including the Caribbean, Europe and the Far East.

Each Baccarat Hotel will be unique, designed to draw upon its surroundings. According to Sternlicht, who serves as chairman and CEO of Starwood Capital and chairman of Baccarat, the property in Hawaii will consist of 193 condominium homes ranging in size from one bedroom, 980 square feet layouts to four-bedroom, 3,330 square feet residences.

A Starwood Capital Group-controlled affiliate acquired its majority interest in Baccarat company as part of its acquisition in late 2005 of Société Du Louvre. Sternlicht, who is known for revolutionising the hospitality industry during his tenure at both Starwood Capital Group and previously as chairman and CEO of Starwood Hotels & Resorts, also serves as chairman of Société Du Louvre. Baccarat Hotels & Resorts will join two other international luxury hotel brands under development by Starwood Capital - Crillon and 1 Hotels & Resorts.