Baccarat Hotels & Resorts

Aug 17, 2023

Posted On August 17, 2023 CPP-LUXURY 0 Baccarat Hotels has now partnered with new owners Shamal Holdings for a hotel in Dubai within an as-yet-unnamed mixed-use development in Downtown. The new Baccarat property will boast 144 rooms and suites, along with 49 Baccarat-branded residences and four food and beverage outlets. There are few details on the development itself, though the hotel will sit in ‘Tower One’, giving views of the Burj Khalifa, Dubai Frame and Dubai Creek. There will be two towers in an ‘angular form’ according to Shamal. For the hotel, Shamal Holding will collaborate closely with H&H Development a real estate investor, developer, and asset manager based in Dubai. Interior design comes from 1508 London Studio Libeskind is the architectural designer. While the statement sent to Hotelier Middle East about the new hotel says Baccarat Hotels & Resorts was launched in 2015, the brand first appeared in July 2007 with plans to debut its first hotel in Hawaii in 2010, followed by Dubai. Baccarat Hotels & Resorts is part of Starwood Capital Group , a private investment group with more than $60bn in assets, and Starwood Capital Group’s chairman is billionaire Barry Sternlicht, co-founder of Starwood Hotels & Resorts. Sternlicht founded Starwood Hotels in 1995 and stepped down as chairman in 2005. Starwood was later sold to Marriott . Today, Sternlicht’s investment corp is unassociated with Marriott. The hospitality titan played an instrumental role in the creation of Baccarat Hotels & Resorts, and his Starwood Capital Group was once a major shareholder in the 250-plus-year-old Baccarat crystal business too. Baccarat Hotels’ website reads: “With the opening of Baccarat, he [Barry Sternlicht] has made it his mandate to create a refuge worthy of the revered name of this internationally renowned maker of French crystal.” Plans were that the AED1.5 billion (US$408 million) Baccarat Hotel would cover an area of 500,000 sq. feet and boast 342-rooms. While the AED1 billion ($272 million) Baccarat Residences would have covered a 300,000 sq. feet area. The landmark deal was covered by state news agency WAM at the time. With the Dubai Pearl project going on to face financial troubles and never getting off the ground, it wasn’t until 2014 that Starwood Capital Group would revive plans for the luxurious hotel brand. The private investment group intended to open Baccarat Hotel & Residences New York the same year. it eventually opened in July 2015. Before it opened, however, Starwood Capital Group sold the New York hotel to an affiliate of Sunshine Insurance Group. As part of the transaction, Starwood Capital Group secured a long-term management contract for the hotel under its own SH Group, an in-house division of hotel, design and construction experts. Baccarat Hotel & Residences 2027 Follow us