Starwood capital tops $3 billion
Starwood Capital Group Global has successfully closed two funds, taking the total capital raised by the company in 2005 to more than $3 billion.
The two fundsa are its $1.475 billion Starwood Global Opportunity Fund VII and its $900 million Starwood Hospitality Fund I.,
Starwood’s Global Opportunity Fund is focused on investing in undervalued real estate and real estate-related assets and operating companies globally across all property types including senior housing, residential, retail, office, land and development., The Hospitality Fund will invest in and develop hotel, resort and related leisure activities and properties throughout the world and at all levels of the capital structure. Investments will include single assets, portfolios and corporate entities.,
“2005 was an excellent year for our firm and both of our funds. Major transactions included the acquisition of Societe Du Louvre in France for an aggregate value in excess of $3.2 billion, the acquisition in a joint venture of Meridien, the acquisition of Mammoth Mountain in California, and the acquisition of Harmony, an 11,000 acre master planned community in Orlando, Florida. In total, in 2005 the Starwood Funds acquired interests in more than 250 hotels in the United States, Canada, Europe and the Caribbean,” said Barry Sternlicht, Starwood Capital’s Chairman and Chief Executive Officer. “Just as importantly, Starwood substantially increased its team adding six new partners and opening three new offices in the United States in Ft Lauderdale, Washington DC, and Phoenix. 2006 promises to be an exciting year for Starwood.”,