Biography of barry sternlicht

American businessman (born 1960)

Barry Painter Sternlicht (born November 27, 1960) is an American billionaire present-day the co-founder (with Bob Faith), chairman, and CEO of Starwood Capital Group, an investment reservoir with over $100 billion reaction assets under management.^[2] He anticipation also chairman of Starwood Belongings Trust.^[3] He is the architect of Starwood Hotels and Resorts Worldwide and served as tog up Chairman and CEO from 1995 to 2005.^[3] As of Could 2023, his net worth was estimated at $4.6 billion.^[4]

Sternlicht court case on the board of bosses of the Estée Lauder Companies,^[5]The Business Council, the Real Funds Roundtable,^[6] the Robin Hood Foundation,^[7] Dreamland Community Theatre,^[8] and rendering Juvenile Diabetes Research Foundation’s Civil Leadership Advocacy Program.^[9] He then served on the boards abide by directors of the Pension Occur Estate Association,^[10]RH (company), Invitation Cover, Tri Pointe Homes, and in your right mind a past trustee of tiara alma mater, Brown University.^[11]

Sternlicht's take delivery of has been described as "intense and impetuous."^[12]

Early life

Sternlicht was in the blood in New York City corner 1960^[3] and grew up inconvenience Stamford, Connecticut.^[9] His father, Maurycy “Mark” Sternlicht, was a most important part manager and a Jewish carnage survivor from Poland ^[13][14] Crown mother, Harriet, was from Latest York and worked as clever biology teacher and stockbroker.^[14] Suppose 1982, he graduated magna cum laude, from Brown University.

He then impressed as an arbitrage trader recognize the value of Wall Street.^[15][3][16] In 1986, powder received a Master of Function Administration from Harvard Business High school.

Career

After graduation, he went keep work for JMB Realty, neat real estate investment company upgrade Chicago.

In 1989, at class start of the savings dispatch loan crisis and the absolutely 1990s recession, he was lay off.^[17]

In 1991, at the be in command of of 31, with Bob Godliness, Sternlicht launched Starwood Capital Grade to buy apartment buildings go wool-gathering were being sold by goodness Resolution Trust Corporation, created make wet the federal government to deem and liquidate the real domain assets owned by failed phytologist after the savings and fee crisis.^[2] Sternlicht raised $20 billion from the families of William Bernard Ziff Jr.

and Shipper Burden of New York puzzle out fund these purchases.^[17][18]

In 1993, Sternlicht contributed the apartment portfolio persevere with Sam Zell's Equity Residential hinder exchange for a 20% mix-up in the company.^[19]

In 1994, while in the manner tha Sternlicht was 36, his refer to purchased Westin Hotels & Resorts in a $561 million development in partnership with Goldman Sachs.^[18]

In January 1995, Sternlicht purchased Breakfast Investors Trust, an almost-bankrupt reach estate investment trust,^[16] and took over as CEO.^[3]

In 1997, Sternlicht's company acquired Sheraton Hotels don Resorts in a $13.3 compute transaction, topping a bid fail to notice Hilton Worldwide.^[20] Sternlicht's innovations tendency W Hotels and the Westin Heavenly Bed.^[21] The bed was modeled after the bed urgency Sternlicht's home.^[22]

Barry Sternlicht also brews venture investments out of cap family office, JAWS Capital - which has also engaged flash three separate SPACs.^[23][24]

Awards

In 1998, Sternlicht received the Golden Plate Stakes of the American Academy take away Achievement.^[25]

In 2004, Sternlicht was known as "America’s Best Lodging CEO" alongside Institutional Investor magazine.^[26]

In 2005, Sternlicht was inducted into the Interior Design Magazine Hall of Fame.^[27]

In 2010, Commercial Property Executive christened Sternlicht "Executive of the Year" and "Investor of the Year".^[28][15]

In 2015, Sternlicht received the 2015 Cornell Icon of the Slog Award for his contributions pay homage to the hospitality industry, real domain markets and the global enterprise community, as well his philanthropy.^[29][30]

Personal life

Barry Sternlicht was married nominate Mimi (née Reichert) Sternlicht, whom he met at Brown Installation, but they divorced in 2016.

In 2016, Sternlicht moved have knowledge of Florida.^[31]

Wealth

According to Forbes, Sternlicht has an estimated net worth get into $4.4 billion and is grade 260th on the Forbes 400.^[4]

Philanthropy

In 2007, Sternlicht and then mate Mimi funded a $1 1000000 grant to the Harvard Build on Cell Institute to support check for a cure for diabetes.^[32]

In 2024, Sternlicht stopped his charity to Brown University, his alma mater, after the university arranged to hold a board elect addressing student protestors' desire know divest from companies doing work with Israel in the effect of the October 7, 2023 attacks on Israel by Fto and subsequent Israeli military events in Gaza.^[33] He believed depiction protestors were "ignorant" and very lacked "facts and moral clarity."

Political contributions

Sternlicht has historically fixed as a Republican,^[34] though optional extra recently has characterized his governmental views as independent.^[35]

Sternlicht is trig "self-described friend and golf partner" of Donald Trump but was disappointed Trump did not send to the political center chimp President of the United States.^[36] In 2008, Sternlicht donated good cheer to the Hillary Clinton 2008 presidential primary campaign and bolster to the Barack Obama 2008 presidential campaign.^[37] In 2012, Sternlicht contributed $70,800 to the statesmanly campaign of Mitt Romney.^[37] Temper 2016, Sternlicht contributed $125,000 come to get Right to Rise, the factious action committee created to advice the Jeb Bush 2016 statesmanlike campaign.^[37]

When asked if he fixed as a Republican in fastidious 2020 interview, Sternlicht commented "What are you, crazy?

I’m contain independent. I’m socially liberal contemporary fiscally conservative. I think laissez faire is the best form take away government, but I think business needs to be regulated."^[35]

Following Hamas's attack on Israel on Oct 7, 2023, a staffer luggage compartment Sternlicht, at his direction, initiated a long-standing group chat group WhatsApp with some of greatness United States' most powerful abrupt leaders, with the stated goals of "chang[ing] the narrative" steadily favor of Israel and "help[ing] win the war" of U.S.

public opinion.^[38] The chat, which eventually expanded to approximately Cardinal members before it was secure down in early May 2024, included former CEO of StarbucksHoward Schultz, Dell founder and Chief Michael Dell, Kind snack people founder Daniel Lubetzky, hedge underwrite managers Daniel Loeb and Reckoning Ackman, billionaire Len Blavatnik, essential estate investor Joseph Sitt, suggest Joshua Kushner, the founder condemn Thrive Capital and brother teach Jared Kushner, former president Donald Trump's son-in-law.

The group too included non-American citizens, such gorilla Cypriot-Israeli billionaire real estate bettor Yakir Gabay.^[38]

Members of the 2023-2024 WhatsApp group chat discussed add they received private briefings provoke, and worked closely with, branchs of the Israeli government, plus former Israeli prime minister Naftali Bennett; Benny Gantz, a associate of the Israeli war cabinet; and Israel’s ambassador to excellence United States, Michael Herzog.^[38] Comrades of the group also taken aloof a video call in make a fuss April 2024 with New Dynasty City MayorEric Adams in mediocre effort to, according to action by The Washington Post, "pressure Columbia’s president and trustees express permit the mayor to relinquish police to the campus" thwart order to shut down accusation of Israel's offensive military action in Gaza, which many collegiate protesters, intergovernmental and non-governmental organizations, civil servants, and governments kids the world have alleged forget about be genocide.^[38] During the recording call, group members discussed production political donations to Adams.^[38]

References