News for the Hospitality Executive
Baccarat Hotels and Resorts Joins Crillon and 1 Hotels & Resorts
GREENWICH, Conn., July 3, 2007 - Starwood Capital Group, an international
real estate investment and development firm led by Barry Sternlicht, announced
today the creation of Baccarat Hotels and Resorts, a five-star luxury hotel
brand inspired by Baccarat's global iconic status. Starwood Capital Group's
controlled affiliate owns 86% of the shares of the Baccarat company. For
more than 200 years, Baccarat has been synonymous with luxury, hand-crafted
quality and the unending pursuit of perfection. Baccarat Hotels and Resorts
will draw upon those same traits to deliver a distinctively personalized
experience at the world's most sought-after locations.
"Building on our heritage as the provider of crystal to kings, we look
forward to creating a new luxury living experience for sophisticated travelers
that will be as unique and personal as each product we produce. We take
great pride in Baccarat's legendary reputation for excellence, and look
forward to working with Mr. Sternlicht, one of the hotel industry's great
innovators, to create what we believe will truly be the preeminent name
in luxury hotels."
Starwood Capital Group
Starwood Capital Group has been a leader in real estate investments since 1991. Its international investor base includes some of the United States' largest state and corporate pension funds, endowments and foundations and high-net worth families from around the world. During the past fifteen years, Starwood Capital and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value. Starwood has closed and/or advised on over 215 transactions ranging in size from $1 million to $14.6 billion, and has acquired equity interests in residential and multifamily, hotels, office, retail and industrial space, golf and leisure-related properties.
Starwood's most recent transactions include the $3.2 billion acquisition of Groupe Taittinger and Societe du Louvre, Europe's second largest hotel network with a unique collection of 14 luxury hotels in Europe, including France and Switzerland, in addition to managing over 800 budget hotels throughout Europe plus the approximately $1 billion acquisition of 32 Le Meridien luxury, four/five star hotels located primarily across Europe but also in North America, Africa and South America. Starwood has led the formation and growth of several market leading companies including iStar Financial, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide, a leading global owner/operator of hotels, with ownership of brands such as Sheraton, Westin, The St. Regis Luxury Collection and the "W"; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S. Starwood Capital Group no longer owns an equity stake in either iStar Financial or Starwood Hotels.
Starwood Capital Group
|Also See:||Barry Sternlicht's Privately Held Starwood Capital Group Planning a Luxury Hotel Brand Called the Crillon; The Crillon's Flagship is the Hotel de Crillon in Paris / January 2006|
|Barry Sternlicht's New Brand 1 Hotel and Residences Planning a 31 Story Mixed-use Green Tower Across from Bryant Park, New York City / June 2007|
|Starwood Capital Group Acquiring Controlling Interest in Groupe Taittinger, Societe Du Louvre, Europe's Second Largest Hotel Network / July 2005|