A Chinese insurer has agreed to purchase the Baccarat Hotel in Midtown Manhattan from Starwood Capital Group for $230 million, the Wall Street Journal reports. Sunshine Insurance Group is paying more than $2 million per room for the luxury property, which is scheduled to open in March. In recent months, Chinese investors have been spending more on overseas hotel investments. In October, China’s Anbang Insurance Group Co agreed to purchase New York’s Waldorf Astoria Hotel for $1.95 billion.
