Starwood Capital Group

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Starwood Capital Group
Industry Private Equity
Founded Greenwich, Connecticut
Founder Barry Sternlicht
Robert Faith[1]
Headquarters United States
Key people
Barry Sternlicht (Chairman and CEO)
Services Hotels, retail, commercial lending
Website www.starwoodcapital.com

Starwood Capital Group is an American private investment firm headquartered in Greenwich, Connecticut.[2] The businesses owned by the firm include Starwood Property Trust, Inc., Starwood Energy Group Global, L.L.C., Starwood Real Estate Securities, L.L.C., and SH Group. It was co-founded by Barry Sternlicht and Robert Faith in 1991.[1]

History[edit]

In 2000, Starwood Capital exited its investment in Starwood Hotels & Resorts, Inc. In 2003, the company exited its investment in iStar Financial, Inc.[3][4]

In 2005, it acquired Groupe du Louvre, which owns crystal maker Baccarat.

In 2009, a consortium led by Starwood Capital bought 40 percent of the loan portfolio of Corus Bank, a failed company.[5] In 2010 Starwood Capital Group lost an auction to buy Extended Stay Hotels to Centerbridge Partners. Starwood filed an objection against the sale to Centerbridge with the bankruptcy court in Manhattan.[6]

On July 12, 2010, Riviera Holdings – owners of the Riviera hotel and casino in Las Vegas, Nevada; and Riviera Black Hawk in Black Hawk, Colorado – filed a Chapter 11 bankruptcy petition in Las Vegas together with a reorganization plan, under which secured lenders, led by Starwood Capital Group, would receive new debt and stock.

In 2012, the company began construction on a chain of hotels under the name of Baccarat Hotels and Resorts which will feature crystal chandeliers from Baccarat.[7] The flagship hotel will be in New York City, New York, on the site of the old Donnell Library Center, which it had bought from the 21 Club. Other complexes are scheduled to open in 2014 and 2015 in Dubai, United Arab Emirates; Rabat, Morocco; Carthage, Tunisia; Marrakech, Morocco; and Foshan, Shanghai; and Tianjin, China.[8]

Also in 2012, Starwood partnered with Toll Brothers to develop the Pierhouse at Brooklyn Bridge Park[9] in Brooklyn[10] for US$280,000,000.

In December 2013, Starwood bought properties from the Swedish retail group Kooperativa Förbundet for 3.9 billion Swedish kronor, or $593.3 million.[11] The seven prime location retail parks and shopping gallerias are located in Stockholm, Gothenburg, Malmö, and Uppsala in Sweden.[11]

Between 2013 and 2014, Starwood acquired three British hospitality groups: De Vere Group (GB£232 million),[12] Four-Pillars Hotels (GB£90 million)[13] and Principal Hayley Group (GB£360 million).[14]

In February 2014, in a 1-for-5 stock distribution, Starwood Property Trust spun off Starwood Waypoint Residential Trust, a single-family rental real estate investment trust.[15] In January 2016, SWRT was merged with Colony American Homes in a $7.7 billion merger, creating the Colony Starwood Homes REIT (NYSE:SFR).[16]

On 26 March 2014 Starwood Capital became an indirect minority shareholder of A.S. Roma (9.36%), through purchasing 20% shares of AS Roma SPV; AS Roma SPV was the direct major shareholder of NEEP Roma Holding (60%); NEEP Roma Holding was the major shareholder of AS Roma SpA (78.038%).[17]

In the summer of 2014, Starwood purchased 7 upscale malls from Taubman Centers for a total of $1.4 billion. The malls are located in Virginia, Florida, North Carolina, Texas, and Michigan.[18]

The firm agreed to terms to acquire 23,262 apartment units from Equity Residential. The deal, valued at $5.365 billion, was planned to close in Q1 2016. The apartments were spread across five states in 72 communities. Starwood is purchasing the portfolio unencumbered.[19]

See also[edit]

References[edit]

  1. ^ a b Rosta, Paul, "Bob Faith’s Mission to Buy, Build, Manage Drives Greystar", October 18, 2012. Faith went on in 1993 to found Greystar Real Estate Partners.
  2. ^ "Contact Us." Its chairman and chief executive officer is Barry Sternlicht. Starwood Capital Group. Retrieved June 28, 2010.
  3. ^ "Starwood Businesses: Past and Present". Starwood Capital Group. Retrieved June 28, 2010.
  4. ^ Staff (July 13, 2010). "Riviera Bankruptcy May Put Starwood in Control". The News-Times. Retrieved July 17, 2013.
  5. ^ Magin, James L. (October 6, 2009). "Starwood Capital Takes Over Failed Corus". Pacific Business News Retrieved July 17, 2013.
  6. ^ Humer, Caroline (June 15, 2010). "Starwood Fights Extended Stay Sale to Centerbridge". Reuters. Retrieved July 17, 2013.
  7. ^ Karmin, Craig; Hudson, Kris (April 24, 2012). "Starwood's Crystal Vision". The Wall Street Journal. Retrieved July 17, 2013.
  8. ^ Baccarat Hotels website.
  9. ^ "Pierhouse at Brooklyn Bridge Park". Retrieved 2014-05-14. 
  10. ^ "Your Brooklyn Bridge Park Yuppie Overlords Got The Deal Of The Century". Gothamist. Retrieved 2014-05-14. 
  11. ^ a b Young, Vicki M. (27 December 2013). "Starwood Capital Acquires Swedish Retail Properties". WWD. Retrieved 27 December 2013. 
  12. ^ "Exclusive: De Vere Venues CEO Tony Dangerfield steps down". Conference News. 11 July 2014. Retrieved 10 January 2015. 
  13. ^ "Starwood Capital Group buys Four Pillars Hotels". The Caterer. 17 January 2014. Retrieved 10 January 2015. 
  14. ^ "Lloyds to sell off hotels in £360m deal". The Telegraph. 28 February 2013. Retrieved 10 January 2015. 
  15. ^ "Starwood Property Trust Announces Completion of Spin-Off of Starwood Waypoint Residential Trust". Wall Street Journal MarketWatch. 3 February 2014. Retrieved 5 February 2014. 
  16. ^ "Colony Starwood Homes Announces Closing of $7.7 Billion Merger of Starwood Waypoint Residential Trust with Colony American Homes, Creating the Premier Single-Family REIT" (press release), Business Wire, January 05, 2016. Retrieved 2017-01-24.
  17. ^ "Starwood Capital Group enters strategic partnership to help develop AS Roma's new stadium campus" (PDF). Starwood Capital. 26 March 2014. Retrieved 14 July 2014. 
  18. ^ "Starwood Closes Acquisition of 7 Malls from Taubman for $1.4B". 20 October 2014. Retrieved 9 December 2014. 
  19. ^ "Starwood Capital To Buy $5.37 Billion Suburban Multifamily Portfolio from Equity Residential - CoStar Group". www.costar.com. Retrieved 2015-12-08. 

External links[edit]