Early Life
Barry Sternlicht was born on November 27, 1960, in New York City. He grew up in Stamford, Connecticut. His father was a Holocaust survivor from Poland, and his mother was a biology teacher and stockbroker. Sternlicht showed academic excellence from a young age. He graduated magna cum laude from Brown University in 1982 and earned an MBA from Harvard Business School in 1986.
Rise to Success
Sternlicht began his career in real estate after graduating from Harvard. He worked for JMB Realty but was laid off during the early 1990s recession. In 1991, he co-founded Starwood Capital Group with Bob Faith, initially focusing on acquiring apartment buildings. He raised $20 million from investors to fund these purchases. Over the years, Starwood Capital Group has grown into a major player in global real estate. He founded Starwood Hotels & Resorts Worldwide in 1995, where he served as Chairman and CEO. During his tenure, he built Starwood Hotels into a leading hotel and leisure company. Sternlicht is credited with the creation of W Hotels, a successful “boutique” brand.
Key Business Strategies
Sternlicht's success is attributed to his opportunistic investment approach, moving between different asset classes, geographies, and positions. His focus has been on identifying and capitalizing on major market trends, such as the savings and loan crisis and the commercial real estate market collapse. He emphasized the importance of adapting to changing market conditions and changing one's thesis. He is also known for acquiring and transforming notable hotel brands.
Philanthropy
Sternlicht and his then-wife, Mimi, funded a $1 million grant to the Harvard Stem Cell Institute in 2007 to support diabetes research. He serves on the boards of The Robin Hood Foundation and the Dreamland Film & Performing Arts Center, and the Executive Advisory Board of Americans for the Arts.