Sternlicht also has a nifty side-business, called Starwood Capital, that advises real estate investors, including Sternlicht himself.
Sternlicht also has a nifty side business, called Starwood Capital, that advises real estate investors, including Sternlicht himself.
In Miami's South Beach, Starwood Capital Group plans to convert the former Gansevoort hotel into a hotel-condo that would include 163 condos.
Starwood Capital has hired brokerage Eastdil Secured to help it line up mortgages to put on three of the malls, these people say.
It is possible that Westfield will sell additional U.S. malls in the wake of the Starwood Capital deal, a person familiar with the matter said.
That presents a challenge for Starwood Capital, since many mall owners and industry experts predict that shoppers and retailers increasingly will patronize stronger malls to the detriment of average and subpar malls.
The malls that Starwood Capital aims to buy have annual sales that are at or only slightly higher than the industry average for large, enclosed U.S. malls, according to people familiar with the matter.
At one panel, I listened as two big-time property developers Starwood Capital Group's Barry Sternlicht and Equity International's Sam Zell were almost apologetic for how easy it is to raise money in the current environment.
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That makes companies such as Capital Trust and Starwood Property more vulnerable should real-estate values fall.
With investors across the spectrum searching for high-yielding investments, mortgage REITs like Starwood as well as private-equity funds raised by companies including Colony Capital LLC and Mesa West Capital LLC have been particularly attracted to loans on riskier properties that the banks have eschewed.
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