STOCK MARKET BSE NSE

Chinese Insurer to Acquire US Hotel for Over USD 230m

Published: 09th February 2015 07:06 PM  |   Last Updated: 09th February 2015 07:06 PM   |  A+A-

By PTI

BEIJING: A Chinese insurer has agreed to buy New York's luxurious Baccarat Hotel for a whopping USD 230 million, setting a record for the most expensive hotel deal on a per-room basis at over USD two million.

Beijing-based Sunshine Insurance Group will pay real- estate mogul Barry Sternlicht's firm more than USD two million a room for the the 114-room mid-town Manhattan property, state-run China Radio International reported today.

The valuation is more than the Plaza Hotel, which was sold to India's Sahara Group in 2012 for just over USD two million a room, it said.

It is expected that Chinese companies will spend more than USD five billion on hotel investments abroad this year.

Chinese companies spent USD 920 million last year, it said.

The opulent hotel will open its doors next month.

Sunshine Insurance Group was founded in 2005 and has since expanded to include departments on asset management and life insurance. The firm agreed to acquire a Sheraton hotel in Sydney, Australia, for USD 380 million in November.

Stay up to date on all the latest World news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp