Barry Sternlicht, founder and former Chairman of the Starwood hotel empire (including the W and St. Regis) has decided his home is worth a little more. Well, a lot more, then a little less and then a little more.
He bought his Greenwich, Connecticut estate in 1994 for 2.93 million, listed it for 8.25 million in 2008, brought it down to 5.495 million a year and a half later and now he’s asking 5.95, hoping somebody will finally bite. Can you keep track?
Sterlicht has faith that the economy will pick up. He believes “It is a question of when you’ll make money, not if you’ll make money.” But if he couldn’t sell the home at a lower price, who knows if he’ll see some money now.
His former company Starwood Hotels & Resorts Worldwide is finally making some money. They just sold the 24, 7000 retail space in the St. Regis hotel for $117 million to the GFC Fifth Avenue Partnership (comprised of Crown Acquisitions, Goldman Properties and the Feil Organization). Starwood also sold Bliss Spa earlier this week for another $100 million. Unfortunately $100 million here and there isn’t that much the $3.36 billion in debt that the Starwood is suffering from.