Starwood Capital Group chair Barry Sternlicht is looking to sell off shares of the company in an initial public offering, Bloomberg News reported, citing unnamed sources.
The Connecticut-based property investment outfit will likely sell a minority stake in the company in the IPO. Sterlicht has been mulling such a sale to raise funds and finance new businesses. The CEO is also a player on the financing side of large New York City real estate deals such as Hudson Yards.
A shortage of luxury hotels in the United States has been pushing Starwood Hotels & Resorts’ occupancy rates to record highs, which has enabled the company to dictate room rates. [Bloomberg News] — Mark Maurer