Barry Sternlicht, chairman and chief executive officer of Starwood Capital Group LLC, has spoken to banks as he prepares to sell shares of the property-investment firm to investors, a person familiar with the matter said.
As they marketed one of the biggest commercial-mortgage bond deals ever in June 2007, just as credit markets began to crumble, bankers at Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc handed out T-shirts depicting a glass it declared “half full.”
The largest auction of troubled assets in the commercial mortgage-backed securities market is showing the strength of investors’ appetites for real estate as more distressed properties from the crash come up for sale.
Michael Simpson arrived at Alpine Meadows at Lake Tahoe earlier this month and found little more than dirt. Except for one ski run maintained by machines, the drought-parched California mountain was devoid of snow.