New York hotel sells for $2 million a room

Inside the Baccarat Hotel [Image: Baccarat Hotels]

A New York hotel which has not even opened yet has been sold to Chinese investors for US $230 million – giving each room a value of more than $2 million.

According to the Wall Street Journal, Sunshine Insurance Group is purchasing the Baccarat Hotel from Starwood Capital Group and a partner.

It adds that the valuation could put the deal above the 2012 sale of Plaza Hotel, also in New York, for $2.04 million a room.

Starwood Capital Group will continue to manage the 114-room hotel, which is expected to open next month.

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The hotel has some suites which are expected to sell for up to $18,000 a night, while Starwood is planning to charge between $900 and $1000 per night for standard rooms.

In October, another Chinese firm, Anbang Insurance Group, had a US$1.95 billion offer for Waldorf Astoria New York hotel by Hilton Worldwide.

However, the sale has since come under scrutiny from security officials in the US as the hotel is popular among heads of state, diplomats and US politicians, including President Obama.