Starwood Capital Group, headed by hotel king Barry Sternlicht, founder of the Starwood Hotels empire and the W Hotels, plans to expand its reach to the mainland and Hong Kong after raising a war chest of US$2bn.

In a five-year plan, Starwood Capital plans more than 20 new properties under the 'Baccarat' and '1' Hotel and Residences brands either through management agreements, equity investments or by forming joint ventures with domestic developers.

Next week, the group's first managed Baccarat Residences developed on the mainland at 8 Ji Nan Road, Xintiandi in Shanghai, will be put up for sale. The 308-unit twin tower project formerly known as Residence 8 was relaunched as Baccarat Residences.

South China Morning Post