What you don’t know about Barry…
Success at an early age
At 31, Sternlicht launched Starwood Capital with $17M. Within a decade, he built it into a real estate powerhouse, later leading Starwood Hotels, acquiring Westin, Sheraton, and St. Regis, and creating W Hotels. Today, with $80B AUM, he’s one of real estate’s most influential investors.
Roots in business and investing
Born in NYC in 1960, Sternlicht grew up in Stamford, CT. His father, a Jewish Holocaust survivor from Poland, worked as a plant manager. His mother, a biology teacher and stockbroker, exposed him to finance early on.
Ivy league & wall street beginnings
Sternlicht graduated magna cum laude from Brown (1982), then worked as an arbitrage trader on Wall Street before pivoting to real estate. In 1986, he earned an MBA from Harvard.
Early career setback at JMB Realty
At 29, Sternlicht was caught in a $424M investment collapse at JMB Realty, wiping out 15 pension funds’ entire equity stake. Laid off and without a clear path, he launched Starwood Capital, turning a setback into an empire.
Almost joined Blackstone but walked away
In 1992, Blackstone recruited Sternlicht to lead its real estate business. “We had agreed on terms,” recalled Blackstone’s John Schreiber, “but at the last minute, he changed his mind.” Instead, he built Starwood, becoming one of Blackstone’s biggest competitors.
Turned a distressed REIT into a hotel empire
In the mid-1990s, Sternlicht took over Hotel Investors Trust, a failing REIT, and restructured its debt, injected capital, and began acquiring hotels. After building Starwood Hotels into a hospitality giant, Sternlicht battled the board over strategy and control, eventually resigning in 2004.
A feisty and difficult boss
Known for his intensity and perfectionism, Sternlicht is both admired and feared. Former colleagues describe him as brilliant but demanding, with an obsession for detail that makes working for him both exhilarating and exhausting.
Built an investment management giant
Starwood Capital manages $80B+ in assets across real estate, infrastructure, and energy. Its Starwood Opportunity Funds have delivered net IRRs exceeding 15%, with SOF now in its 13th iteration.
A gateway to retail capital
Sternlicht launched Starwood Real Estate Income Trust to tap into retail capital, expanding beyond institutional investors. In 2023, it faced a wave of redemption requests, forcing withdrawal limits—a move Sternlicht defended, arguing investors were overreacting.
Moved to Miami before it was a trend
In 2018, Sternlicht relocated Starwood’s HQ to Miami, years before the city became a financial hub. He cited Florida’s tax advantages and business-friendly climate, anticipating the flood of firms moving south.
Runs a massive mortgage REIT
Sternlicht isn’t just a real estate owner—he’s a lender. His firm’s Starwood Property Trust is one of the largest publicly traded mortgage REITs, making him a major player in real estate finance.
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