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Starwood Global Opportunity Fund VIII ("SOF VIII")
Starwood Capital closed its eighth fund in March 2010, with total equity commitments of $1.83 billion. SOF VIII is focused on opportunistic investing in global distressed real estate and is targeting loans and REO being sold by the FDIC and other distressed institutions, performing debt and “loan-to-own” opportunities, U.S. residential land, property in emerging economies with attractive fundamentals such as Brazil, mispriced corporates and global direct real estate.
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Starwood Capital Global Hospitality Fund II (“Hotel II”)
Starwood Capital closed its second dedicated hospitality fund in March 2010, with total equity commitments of $965 million. Hotel II is focused on investing in budget and luxury hotels, portfolios of hotels and hotel platforms around the globe. This will be accomplished by investing in distressed hospitality debt, distressed assets and/or portfolios of assets and opportunistically identifying attractive public-to-private opportunities that may seed and/or augment platform investments.
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Starwood Debt Fund II ("Debt II")
Starwood Capital closed its second debt fund in January 2009, with total equity commitments of $378 million. Debt Fund II focused on investing in a full range of performing debt investments including first mortgages, junior notes, CMBS, corporate bonds and mezzanine debt, seeking to capitalize on dislocations in the U.S. and global credit markets.
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Starwood Global Opportunity Fund VII (“SOF VII”)
Starwood Capital closed its seventh fund in December 2005, with total equity commitments of $1.475 billion. SOF VII focused on investing in undervalued real estate and real estate-related assets and operating companies globally across all property types, including senior housing, residential, retail, office, hotel and land.
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Starwood Capital Hospitality Fund I (“Hotel I”)
After Mr. Sternlicht departed from Starwood Hotels and Resorts, Starwood Capital raised its first dedicated hospitality fund in November 2005, with total equity commitments of $900 million. The fund was capped at this size by its lead investors. Through Hospitality Fund I, Starwood Capital continued its investment program in the hospitality sector. Noteworthy transactions in the fund include the $3.2 billion acquisition of Groupe Taittinger/Société du Louvre, which came with a unique collection of 14 luxury hotels, most notably the Hôtel de Crillon, and more than 800 budget hotels throughout Europe. In addition, Hospitality Fund I purchased Le Meridien’s hotel assets in conjunction with Starwood Hotels and Resorts’ acquisition of the brand.
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Starwood Global Opportunity Fund VI (“SOF VI”)
Starwood Capital closed its sixth fund in February 2002, with total equity commitments of $567 million. SOF VI targeted both corporate opportunities and a variety of niche strategies. This fund is fully invested in a diverse portfolio of assets around the world in the office, retail, industrial, senior housing, golf, hotel and debt sectors.
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Starwood Opportunity Fund V (“SOF V”)
Starwood Capital closed its fifth fund in April 1999, with total equity commitments of approximately $516 million. Through SOF V, Starwood Capital furthered its investment program in office, residential land development and operating companies, while greatly expanding the scope of its retail joint ventures and diversifying its activities to include residential condominium development, senior housing and industrial properties. A major initiative of SOF V was the establishment of operating platforms through the formation of joint ventures in Asia and Europe. With these ventures, Starwood Capital created a global presence that continues to expand.
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Starwood Opportunity Fund IV (“SOF IV”)
Starwood Capital closed its fourth fund in February 1997, with total equity commitments capped at approximately $830 million. The investment strategy for this fund was to combine within a single investment vehicle Starwood Capital’s successful equity investment strategies with its market-leading expertise in high-yielding mezzanine investments. Within approximately 18 months, Starwood Capital assembled a portfolio of 27 investments across mezzanine debt, hotel debt, mixed-use complexes, residential land development, retail and leisure-related uses. As with Starwood Mezzanine, debt investments were subsequently contributed to iStar Financial, Inc., providing investors with increased liquidity in one of the nation’s leading commercial real estate finance companies.
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Starwood Mezzanine Investors (“Starwood Mezzanine”)
Believing that equity pricing of real estate markets was reaching full value, Starwood Capital was one of the first equity investment firms to shift into the mezzanine market. Starwood closed its third fund in November 1994, with total equity commitments of $220 million. Starwood Mezzanine was Starwood’s first fund with mostly institutional investors. The investment goal of Starwood Mezzanine was to create a portfolio of high-yielding mezzanine investments with significant current cash flow and positions in the capital structure that were at substantial discounts to replacement cost. Within approximately a year’s time, Starwood Mezzanine was fully invested, becoming one of the largest investors dedicated to the mezzanine sector.
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Starwood Opportunity Fund II (“SOF II”)
With the success of Funds I and IA, Starwood Capital closed a second fund in November 1993. Starwood Capital obtained approximately $102 million of equity commitments to access opportunities created by the existence of distressed sellers, overleveraged or mismanaged assets and the shortage of entrepreneurial capital. Starwood shifted its focus away from multifamily properties as asset prices exceeded replacement costs. Instead, through SOF II, Starwood Capital completed more than 34 separate transactions to create a diversified portfolio of hotel, office, land and multifamily assets across the United States. Select hotel assets were subsequently contributed to Starwood Hotels, forming the nucleus of Starwood Capital’s reorganization and recapitalization of Starwood Lodging Trust.
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Starwood Opportunity Funds I and IA ("SOF I")
Starwood Capital created its first opportunity funds in February 1991 and March 1993, respectively, with $52 million of equity commitments, primarily from its two founding families, to take advantage of capital dislocations in the real estate markets. Believing that the multifamily market offered the best market opportunities, Starwood Capital acquired approximately 6,400 multifamily properties through an aggressive acquisition program completed in 18 months. Starwood contributed the majority of this portfolio in August 1993 to Equity Residential Property Trust (NYSE: EQR).
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