Starwood Capital Group
[1] In 1991, at the age of 31, Sternlicht launched the firm to buy apartment buildings that were being sold by the Resolution Trust Corporation, created by the federal government to hold and liquidate the real estate assets owned by failed banks after the savings and loan crisis.[5] Sternlicht raised $20 million from the families of William Bernard Ziff Jr. and Carter Burden of New York to fund these purchases.In March 2014, the firm acquired a stake in the A.S. Roma football club,[23] and in October 2014, Starwood purchased 7 upscale malls in Virginia, Florida, North Carolina, Texas, and Michigan from Taubman Centers in a $1.4 billion transaction.[26] In 2021, Starwood's mall holdings had decreased from thirty to eight with the impact of the COVID-19 pandemic on the retail industry, and the company selling some properties at a loss to reduce its $2 billion in CMBS mortgage debt.[28] In 2022, CEO Sternlicht voiced strong criticism of the Federal Reserve for creating calamitous economic conditions by needlessly raising interest rates.