Barry Sternlicht’s Starwood Capital Group is rapidly expanding its new Baccarat Hotel brand after agreeing to develop a AED2.5 billion ($680 million; €434 million) complex at Dubai latest redevelopment project, Dubai Pearl.
Just one year after announcing the launch of the luxury Baccarat hotel brand, Sternlicht has signed a deal with Pearl Dubai FZ, a consortium of investors led by the Al Fahim Group, to develop a 500,000 square foot, 342-room hotel and 300,000 square foot apartment complex. The hotel and apartment complexes, slated for completion in 2011, are expected to cost around $408 million and $272 million respectively.
In a statement, Sternlicht said the deal at Dubai Pearl was part of a expansion of the Baccarat brand, with hotels also planned for the Caribbean, Europe and Far East. The first Baccarat Hotel project is set to open in 2010 at Wailea in Hawaii.
Last year, Greenwich, Connecticut-based Starwood, which owns 86 percent of the centuries-old Baccarat crystal company, said it would build on the success of the W Hotels and St Regis by creating a new Baccarat luxury hotel brand. The hotels will also feature Baccarat crystal chandeliers.
Dubai Pearl is a $3 billion redevelopment project which will comprise 15 million square feet of business and residential facilities and is close to the Palm Jumeirah.