Sternlicht says he’s focused on buying debt in commercial bust

While it’s bad enough that the boom days of commercial real estate are over, Barry Sternlicht argues that investors are stuck with their tail between their legs in the wake of the market crash. The Starwood Capital CEO talked with CNBC’s Maria Bartiromo about navigating the market downturn, saying that investors today are more conservative — and sheepish — than they were just a few years ago. “People are doing things today because they’re a little embarrassed about what they did before, so they need money to restructure,” Sternlicht said. But Starwood could be in a position to help save face. “We’re focused on lending money… and we’re buying a lot of debt,” Sternlicht said.