Barry Sternlicht
| Barry Sternlicht | |
|---|---|
Sternlicht in 2016
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| Born |
November 27, 1960 New York City |
| Education | B.A. Brown University M.B.A. Harvard Business School |
| Occupation | real estate developer |
| Known for | --founder of Starwood Capital Group --founder of Starwood Hotels and Resorts Worldwide --founder of W Hotels |
| Spouse(s) | Mimi Reichert Sternlicht |
| Parent(s) | Harriet Sternlicht Maurycy Sternlicht |
Barry Stuart Sternlicht (born November 27, 1960) is the founder, chairman and CEO of Starwood Capital Group, the private investment firm focused on global real estate, energy, infrastructure and securities trading. He is also chairman of Starwood Property Trust, now the largest commercial mortgage REIT in the United States traded on the NYSE and Chairman of SWAY. He previously formed Starwood Hotels and Resorts Worldwide and served as its CEO from 1995 to 2005.
Sternlicht was born in New York City in 1960 and grew up in Connecticut, the son of a Holocaust survivor from Poland, Maurycy Sternlicht. His father worked as a plant manager; his mother, Harriet, was from New York and worked as a biology teacher and stockbroker. In 1982, he graduated magna cum laude, with honors, from Brown University. In 1986, he received his MBA with distinction from Harvard Business School. After graduation, he went to work for JMB Realty, a real estate investment company, in Chicago where he learned the real estate business. In 1989, after the real estate market collapsed, he was laid off and went into business on his own.
Sternlicht was able to raise $20 million from the wealthy Ziff (see William Bernard Ziff, Jr.) and Burden families of New York which he used to purchase loans from the Resolution Trust Corporation, created by the federal government to hold the real estate assets left over from the savings-and-loan crisis. In 1991, Sternlicht launched Starwood Capital Group. His goal was to buy up multi-family apartment buildings that were being auctioned off in the government’s bailout of the savings and loan crisis.
In 1993, Sternlicht sold the portfolio to real estate magnate Sam Zell for more than 20 percent of Zell’s Equity Residential Properties Trust. When Zell took the company public that year, Starwood saw more than a 100 percent return. Sternlicht later began to purchase hotel sites, focusing on combining his passions of architecture and real estate finance.
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Wikipedia