Source. HVS Asia - June 19, 2009
Starwood Capital Group has announced its plans to expand in mainland China and Hong Kong after raising around US$2 billion. Under a five-year plan, the group is planing more than 20 new properties under the Baccarat and 1 Hotel and Residences brands through establishing management agreements, equity investments or by forming joint ventures with domestic developers. Among these new properties, the group aims to open at least one to three Baccarat Residences in each major mainland Chinese city by 2014. The group is expected to launch its first managed 308-unit Baccarat Residences located at 8 Ji Nan Road, Xintiandi, Shanghai, in June and is working on a 1 hotel, a luxury green brand for eco-conscious travellers in Shanghai. Currently, the group has no direct investment with the mainland property market; however, it has bought around 3% of Jinjiang International Hotels Development Company Limited in 2006.