GREENWICH, Conn., July 3 /PRNewswire/ -- 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
Each Baccarat Hotel will be unmistakably unique, designed to draw upon
its surroundings while upholding the passionate attention to detail one
would expect from the Baccarat name. From its impeccably high standards of
service to its refined interior and exterior design, guests and residents
will be instantly enveloped by Baccarat's world-renowned blend of culture
and aesthetics from the moment they walk through the lobby doors. Every
shimmering detail will radiate elegance, from luminous expansive rooms and
residences, which will number from 80 to 250 per property, to luxurious
furnishings, which will feature signature Baccarat chandeliers. Other
features will include world-class dining options and exclusive services
designed to shape personalized experiences for every guest.
The first announced Baccarat Hotel project will be located in Wailea,
Hawaii, expected to open in 2010, with several other locations to follow,
including the Caribbean, Europe and the Far East. Baccarat Wailea will
consist of 193 condominium homes ranging in size from one bedroom, 980
square feet layouts to four-bedroom, 3,330 square feet residences.
"Baccarat Hotels and Resorts will personify the pride and impeccable
attention to detail that has made Baccarat one of the world's select few
names that define and shape luxury," said Barry Sternlicht, who serves as
Chairman and CEO of Starwood Capital and Chairman of Baccarat. "I am
extremely excited for the opportunity to display Baccarat's extraordinary
and distinctive pedigree in a new and unique way at some of the most
breathtaking locations around the world. These hotels will serve as living
innovation labs for the Baccarat brand as we move the parent company into
today's fashion and design world."
"For centuries Baccarat has built a reputation of providing elegant
luxury products offering unparalleled beauty and flawless brilliance, and
now we are thrilled to have the opportunity to produce these same elements
on a much grander scale," said Marc Leclerc, Managing Director of Baccarat.
"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."
A Starwood Capital Group controlled affiliate acquired its majority
interest in the Baccarat company as part of its acquisition in late 2005 of
Societe Du Louvre. Mr. Sternlicht, who is widely known for revolutionizing
the hospitality industry during his tenure at both Starwood Capital Group
and previously as Chairman and CEO of Starwood Hotels and Resorts, also
serves as Chairman of Societe Du Louvre.
The Baccarat Hotels and Resorts will join two other international
luxury hotel brands under development by Starwood Capital: Crillon and 1
Hotels & Resorts.
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.
SOURCE Starwood Capital Group