Sternlicht in 2016
|Born||November 27, 1960|
New York City, US
Harvard Business School
|Occupation||real estate developer|
|Known for||Founder of Starwood Capital Group, Starwood, W Hotels|
|Spouse(s)||Mimi Reichert Sternlicht|
Barry Stuart Sternlicht (born November 27, 1960) is the co-founder (with Bob Faith), chairman, and CEO of Starwood Capital Group, an investment fund with $51 billion in assets under management. He is also chairman of Starwood Property Trust, the largest commercial mortgage REIT in the United States, and chairman of Starwood Waypoint Homes. He is the co-founder of Starwood and served as its CEO from 1995 to 2005.
Sternlicht's style has been described as "intense and impetuous".
Early life and education
Sternlicht was born in New York City in 1960 and grew up in Stamford, Connecticut. He is 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. He then worked as an arbitrage trader on Wall Street. 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.
In 1991, at the age of 31, Sternlicht launched Starwood Capital Group, with Bob Faith, to buy apartment buildings that were being sold by the Resolution Trust Corporation, created by the federal government to hold and liquidate the real estate assets owned by failed banks after the savings and loan crisis. Sternlicht was able to raise $20 million from the families of William Bernard Ziff, Jr. and Carter Burden of New York to fund these purchases.
In 1994, in partnership with Goldman Sachs, Sternlicht's company purchased Westin Hotels & Resorts in a $561 million transaction. Sternlicht's innovations included the "W" brand of hotels and the Westin Heavenly Bed. The bed was modeled after the bed in Sternlicht's home.
In 2004, Sternlicht was named "America’s Best Lodging CEO" by Institutional Investor magazine.
In 2005, Sternlicht was inducted into the Interior Design Magazine Hall of Fame.
Sternlicht serves on the Board of Directors of the Estée Lauder Companies and Baccarat S.A. He serves as Chairman of the Board of Robin Hood Foundation and is on the boards of the Dreamland Community Theatre, the Juvenile Diabetes Research Foundation’s National Leadership Advocacy Program and the Business Committee for the Arts.
In 2012, Sternlicht contributed $70,800 to the presidential campaign of Mitt Romney. In 2016, Sternlicht contributed $125,000 to Right to Rise, the political action committee created to support the 2016 election of Jeb Bush.
In 2016, Sternlicht moved to Florida.
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- Goldfarb, Jeffrey (October 26, 2015). "Keep one eye on Sam Zell's "For Sale" sign". Reuters.
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- "Board of Directors". Estée Lauder Companies.
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- "FY2014 Board of Directors". Real Estate Roundtable. July 1, 2013.
- "Brown University: Leadership". Brown University.
- "Sternlicht gift to support diabetes research". Harvard University. Winter 2007.
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- "Barry Sternlicht: Political Campaign Contributions 2016 Election Cycle".
- "Proposition 8: Who gave in the gay marriage battle?". Los Angeles Times.
- Johnson, Richard (January 5, 2016). "This billionaire just became New York's most eligible bachelor". Page Six.
- Clark, Patrick (September 14, 2016). "What Good Is a $20 Million Mansion if You Can't Walk to Dinner?". Bloomberg L.P.