Sternlicht to drop bid for Saks Fifth Avenue?

New York /
Jul.July 27, 2013 06:00 PM

After submitting a bid for The Company That Owns Saks Fifth Avenue last week, it appears that real estate mogul Barry Sternlicht may withdraw his offer, according to the New York Post.

Sources familiar with the matter have told the Post that Catterton Partners, a buyout firm whose investments have included Restoration Hardware, Breyer’s Yogurt and Build-A-Bear Workshops, had initially approached Sternlicht about making a joint bid for Saks. The plan, as sources understood it, was that Sternlicht would take over the real estate while Catterton operated the stores.

However, Catterton bowed out of the race for unknown reasons, which makes it unlikely that Sternlicht will continue with his bid.

Sternlicht, chairman of the private equity real estate firm Starwood Capital, had been seen as strong candidate in a race among three bidders, the other two being Canadian retailer Hudson’s Bay and an unknown third bidder that some believe may be a Middle Eastern sovereign wealth fund.

The luxury chain could fetch between $17 and $18 a share, although initial bids may have been in the $15 to $16 range. [NYP] – James Comtois


Related Articles

arrow_forward_ios
Starwood’s Barry Sternlicht (Getty, iStock)
Sternlicht: Starwood is “sea of stability,” ready for recession
Sternlicht: Starwood is “sea of stability,” ready for recession
A photo illustration of prominent guests  at the Witkoff wedding (via Instagram)
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
Nuptials Mar-a-Lago style: Donald Trump, Don Peebles, Barry Sternlicht among real estate elite at Witkoff wedding
(iStock/Illustration by Kevin Rebong for The Real Deal)
Rental madness: Bidding wars supercharge NYC market
Rental madness: Bidding wars supercharge NYC market
Barry Sternlicht, co-founder, chairman, and CEO of Starwood Capital Group (Starwood Capital Group, LoopNet, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Extended-stay hotels a hot commodity for investors
Extended-stay hotels a hot commodity for investors
From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
(Getty)
Real Estate agents are using this technique to ignite bidding wars
Real Estate agents are using this technique to ignite bidding wars
Starwood Property Trust's Barry Sternlicht (Getty, iStock)
“Good luck finding people”: Sternlicht warns of labor shortage for infrastructure bill
“Good luck finding people”: Sternlicht warns of labor shortage for infrastructure bill
Monmouth Real Estate's Mike Landy and Industrial Logistics Properties Trust's John Murray (ACRE, Industrial Logistics Properties Trust)
Plan C: Monmouth finds buyer after Zell, Sternlicht offers fall through
Plan C: Monmouth finds buyer after Zell, Sternlicht offers fall through
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...