Sternlicht Says Tightening Starwood REIT Redemption Limits Was ‘Tough’
- REIT restricted how much money investors can pull out
- Property owners are grappling with fallout from higher rates
Barry Sternlicht
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Billionaire Barry Sternlicht said it was “a very tough decision” to further limit withdrawals from Starwood Real Estate Income Trust, the $10 billion fund that found itself stuck between investors’ desire to redeem shares and a distaste for selling at a discount.
“We knew we were going to get a lot of flack,” Sternlicht said Wednesday in an interview on CNBC. “We hope this is going to be a six-month thing.”