Sternlicht Says Debt ‘Bubble’ in U.S. Property Like 2007
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Competition to buy high-quality commercial real estate has led to a debt “bubble” in some U.S. property sectors, said Barry Sternlicht, chief executive officer of Starwood Capital Group LLC.
“It’s dangerous,” Sternlicht, also chairman of the Greenwich, Connecticut-based investment company, said today during a panel discussion at the Milken Institute Global Conference in Beverly Hills, California. “You don’t know where rates will be in two years, and that creates a difficult investing challenge.”