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DUBAI, UAE-Starwood Capital Group and Pearl Dubai FZ LLC, a consortium of investors led by the Al Fahim Group, have signed an agreement to build a $680 million hotel and apartment tower here. The complex, to be called the Baccarat Hotel, will be built in the $4-billion Dubai Pearl mixed-use development being developed by Pearl Dubai FZ LLC.

The Baccarat will have 800,000 sf total, with apartments and 342 hotel rooms, said venture officials in a statement recently. The Baccarat is a new Starwood hotel concept that will debut with a first hotel at Wailea in Hawaii in 2010, as well as new hotels in the Caribbean, Europe and the Far East. The Baccarat Dubai will be completed in 2011, said the officials in the statement.

A controlled affiliate of Greenwich, CT-based Starwood Capital owns 86% of the shares of the Baccarat company, which it acquired as part of the firm’s purchase of Societe Du Louvre in 2005. Starwood Capital Group’s Sternlicht also serves as chairman of Societe Du Louvre.

Dubai Pearl is expected to have more than 15 million sf of residential and commercial development, including offices, hotels, a 2,000-seat theater, a shopping mall and more. The project is going up opposite the Palm Jumeirah in the heart of the Dubai Technology and Media Free Zones. Completion is expected by the end of 2010.

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