Sternlicht’s newest hotel venture builds on Baccarat brand
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- July
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Barry Sternlicht, the former chairman of Starwood Hotels & Resorts Worldwide Inc. in White Plains, is creating a new line of five-star luxury hotels that trade on the appeal of crystal-maker Baccarat. Sternlicht’s new company, Starwood Capital Group of Greenwich, Conn., owns 86 percent of the shares of the Baccarat company through an affiliate. The new hotel chain will be called Baccarat Hotels and Resorts. Each one will be tailored to its location, but will feature elements of the Baccarat brand, including crystal chandeliers. The first project will be in Wailea, Hawaii, with an opening date of 2010. Other projects are planned for the Caribbean, Europe and the Far East. Baccarat Wailea will have 193 condominiums ranging in size from 980 square feet for a one bedroom unit to 3,330 square feet for a four-bedroom home. The hotels will be “innovation labs� for moving the Baccarat brand into the fashion and design world, according to Sternlicht. Starwood Capital Group is also developing two other luxury hotel brands, Crillon and 1 Hotels & Resorts. Sternlicht stepped down as Starwood chairman in 2005 after building the company into a powerhouse with such brands as Sheraton, Westin and St. Regis.
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on Tuesday, July 3rd, 2007 at 5:55 pm by Julie Moran Alterio.
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