Sunshine Insurance buys hotel

China's Sunshine Insurance Group is planning to purchase the Baccarat Hotel in Manhattan, New York for a total of $230 million, in what is a new record price for a hotel at over $2 million per room, news portal sina.com.cn reported Saturday, citing unspecified sources.

According to hotel industry data provider STR Analystics, Sunshine Insurance's acquisition of Baccarat Hotel is a record in the hotel business.

Baccarat Hotel has 114 rooms, including several super-deluxe suites, each of which costs about $18,000 per night.

The hotel, jointly built by US real estate developers Starwood Capital Group and Tribeca Associates, is scheduled to open for business in March, the report said.