/
|
Barry Sternlicht is launching a new hotel business, but it’s got an old name.
The billionaire investor who made his name in hospitality is bringing back Starwood Hotels, the brand that sold to Marriott International for more than $12B in 2015. The resurrected brand will include three chains owned by Sternlicht, with plans to build its portfolio to 22 locations by 2029.
Sternlicht has spent the last decade leading Starwood Capital, the Miami-based private equity firm with roughly $115B in assets, including hotels. But Sternlicht, 64, told The New York Times that he wanted to once again go beyond just managing money.