The Real Deal New York

Starwood Capital eyes IPO to help fund new business: report

Property investment specialist will only sell minority stake, however

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