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China's Sunshine Insurance Group paid 230 million dollars for the luxury Baccarat Hotel in New York, which occupies the first 12 floors of the 50-story Baccarat Hotel & Residences project. The hotel reopened on July 14, 2015. Since Beijing's Anbang Insurance Group Co. bought the Waldorf-Astoria Hotel on Park Avenue for 1.95 billion dollars, this would be the highest price paid by a Chinese buyer for a standing US building.

The Baccarat Hotel, with a 125-foot-wide (38-meter-wide) corrugated crystal facade, is across the street from the Museum of Modern Art. Rooms at the hotel feature four-poster beds flanked by marble nightstands, Baccarat crystal light fixtures, white-marble bathroom floors and flat-screen televisions concealed within smoked mirrors, according to the property's website. The property also has a Spa de la Mer, fitness center and indoor pool.