|By Peter Healy, The Stamford Advocate,
Conn.McClatchy-Tribune Regional News
Jan. 12, 2008 - Greenwich resident Barry Sternlicht has added another luxury property to the hotel operation he has been growing since leaving Starwood Hotels & Resorts Worldwide in 2005.
His Greenwich-based Starwood Capital Group said this week its Baccarat Hotels and Residences subsidiary will operate the Baccarat Hotel and Residences at Temenos, Anguilla, in the British West Indies.
Sternlicht, 47, is chairman and chief executive officer of privately held Starwood Capital, a real estate investment company that is not connected to publicly traded Starwood Hotels & Resorts of White Plains, N.Y.
Sternlicht founded both companies.
Sternlicht said he expects the 286-acre Anguilla property, scheduled to be completed this winter, to become one of the finest resorts in the world.
"Nearly every amenity will be provided to our guests, which we will combine with a spirit of uncompromising service," Sternlicht said in a statement. "We intend for each Baccarat Hotel to be its own work of art."
New York City-based Flag Luxury Properties owns the Baccarat resort property, which will include a 114-unit luxury hotel and an 18,800-square-foot spa and a fitness center.
It will have 50 oceanfront residences, 18 estate homes, 10 villas and 38 spa villas, along with a Greg Norman-designed championship golf course, which will be the only course on the island of Anguilla.
"We have always intended Temenos, Anguilla, to be one of the world's finest and most exclusive resorts," Paul Kanavos, chairman and CEO of Flag Luxury, said in a statement. "We know that Barry Sternlicht shares our vision and we look forward to working with him and his team to make it a reality."
Founded in 1946, Flag Luxury owns and develops hotels, residential properties and casinos. It has developed Ritz-Carlton hotels in Miami Beach and Jupiter, Fla.
In addition to Baccarat Hotels, Starwood Capital is developing two other international luxury brands, Crillon Hotels and 1 Hotels & Residences. Last year, Starwood said it would develop the Baccarat Wailea on the Hawaiian island of Maui, as well as 1 Hotels projects in New York, Seattle, Washington, D.C., and Scottsdale, Ariz.
Sternlicht was not content to focus on hotel real estate at Starwood Capital, said Ted Darnall, chief operating officer of Norwalk-based HEI Hotels & Resorts and former president of Starwood Hotels & Resorts' real estate group.
Darnall said that Sternlicht, as an operator, can make decisions more quickly and get innovations to market faster.
"Barry is one of the smartest guys I have ever worked with," Darnall said. "Being the operator gives him the opportunity to implement his visions for a particular hotel or brand."
Founded in 1991, Starwood Capital creates or acquires real estate-related investments, such as residential and commercial land developments, multifamily buildings, hotels, office buildings, retail, mixed-use and industrial property, health clubs, golf courses and mezzanine debt.
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