How a laid-off real estate worker built a hundred-billion-dollar global investment empire
In short: After losing his job during the 1989 recession, Barry Sternlicht pivoted to buying distressed assets from the federal government. Today, he manages over $100 billion in assets and has shaped the hospitality industry, from the invention of the W Hotels brand to the ubiquitous Westin Heavenly Bed.
Born in 1960 to a Holocaust survivor, Barry Sternlicht navigated a path from Wall Street arbitrage to the heights of real estate investment. His career trajectory shifted dramatically in 1989 when he was laid off from JMB Realty during the savings and loan crisis. Rather than retreating, he leveraged the economic downturn to launch Starwood Capital Group in 1991 at age 31. By securing $20 million from private investors, he began acquiring apartment portfolios from the Resolution Trust Corporation, a government entity tasked with liquidating assets from failed banks.
Sternlicht’s influence expanded rapidly through aggressive acquisitions, most notably his 1997 purchase of Sheraton Hotels and Resorts for $13.3 billion. His tenure in hospitality was marked by a focus on design and guest experience, leading to the creation of W Hotels and the Westin Heavenly Bed—the latter famously inspired by his own home mattress. His reputation for being intense and impetuous has accompanied a career that includes venture investments through his family office, JAWS Capital, and board roles at major firms like the Estée Lauder Companies.
Beyond business, Sternlicht has become a prominent figure in political and social discourse. He describes his views as socially liberal and fiscally conservative, though his recent activism has drawn significant attention. Following the October 7, 2023, attacks on Israel, he spearheaded a private WhatsApp group of approximately 100 influential business leaders. This network aimed to influence U.S. public opinion on the conflict, engaging in high-level briefings with Israeli officials and lobbying New York City Mayor Eric Adams regarding campus protests. His willingness to leverage his wealth and network for political influence underscores the complex intersection of modern corporate power and global diplomacy.
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