Chinese insurer to acquire US hotel for over US$230m

Chinese insurer Sunshine Insurance has announced it’s buying New York's Baccarat Hotel for more than 230 million U.S. dollars.

The company is reportedly paying real-estate mogul Barry Sternlicht's firm more than 2 million U.S. dollars a room for the mid-town Manhattan property.

The valuation is more than the Plaza Hotel, which sold in 2012 to India's Sahara Group for just over 2 million dollars a room.

Its expected Chinese companies will spend more than 5-billion U.S dollars this year on hotel investments this year.

Chinese companies spent 920 million U.S. dollars last year.

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