When Barry Sternlicht raised the price on his unsold property on Old Mill Road, a builder I know, sitting on his on unwanted spec project since 2003, announced that he was going to raise the price on his own failure. “Barry knows real estate,” he crowed. “The market’s coming back.”
Perhaps it is, or will, but Sternlicht’s Starwood Properties just announced a third quarter loss. Sternlicht professes to be unconcerned, and why not? Since taking the company public it’s shareholders getting hammered now, not he, but more importantly, Starwood has the resources and financial strength to wait out bad times – my builder friend, sadly, is no Barry Sternlicht.
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FYI, Sternlicht is no longer connected with the publicly listed Starwood Properties. He runs his own private equity firm Starwood Capital.
Well he’s quoted in the article as its CEO – does he know he was fired?