Starwood Capital’s 5-star Baccarat Hotels & Resorts brand is set to enter New York City.
The New York Post reported on Tuesday that Starwood Capital, Greenwich, Connecticut, and Tribeca Associates, New York City, are partnering to develop the fourth through 12th floors of a 45-story tower in Manhattan across the street from the Museum of Modern Art. Luxury condominiums will take up the top floors while the bottom floors will be used by the New York Public Library.
The development is set to open in 2014 and its total cost is US$400 million.
Baccarat was initially set to open a location in Hawaii, the Baccarat Wailea Hotel & Residences, in 2010 but the project was cancelled after the financial crisis hit. Baccarat hotels are managed by Starwood Capital subsidiary SH Group. Another project in Anguilla appears to have been cancelled, too.
Baccarat currently operates a residences property in Shanghai and is set to open a hotel and residences property in Dubai, United Arab Emirates in 2013.