Barry Sternlicht, who built Starwood Hotels & Resorts Worldwide Inc. into the third-largest U.S. lodging company, is raising $100 million for a new hotel management company that would develop and operate properties around luxury brands.
The Oregon Investment Council, an investor in two prior hotel funds run by Sternlicht's Starwood Capital Group Global LLC, agreed to invest $5 million in the new company, called SH Group, said Brad Child, senior real estate investment officer for Oregon's state pension fund, which met yesterday.
Sternlicht is moving ahead with the company as the housing slump and global credit meltdown delay construction and condominium sales. The chief executive officer of Greenwich, Connecticut-based Starwood Capital took over French crystal maker Baccarat when he bought a majority stake in Societe du Louvre SA in 2005 and is developing a chain of Baccarat hotels.
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Source - Bloomberg
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