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Condo Mania
STERNLICHT: Waiting for the dust to settle.
John Vanbeekum
A self-described “distressed-real-estate guy,” Barry Sternlicht (MBA ’86) has some vacant condos to move, and that’s a problem he’s glad to have. Consider the unfinished and unoccupied 47-story Paramount Bay tower that overlooks Miami’s Biscayne Bay. Someday, Sternlicht believes, wealthy buyers will want to live there; right now, he concedes, “this looks like an abandoned property. We have to make it look like it’s alive” (New York Times, May 30, 2010).
Sternlicht became a big player in real estate when he created Starwood Hotels & Resorts Worldwide, in part by building on his acquisition of the Sheraton and Westin chains. He left Starwood in 2005; when the real-estate bubble burst, he saw new opportunities. Now, all across overbuilt America, “we are going to be like the Saudis in all these markets,” Sternlicht said. “In three years, when all the debris, all the clutter is done, we’ll be the guys.”
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