Starwood Capital

Panic is an opportunity when credit freezes and assets collapse most investors hide. Starwood Capital does the opposite. Barry Stern licked built Starwood into a $3 billion real estate empire during the '80s boom, then sold it. But his real skill emerged after. He waited for crashes. When others panicked, Starwood acquired. In 2008, hotels were being sold at fire sale prices. Starwood bought hundreds of hotels when owners were desperate to exit. The strategy required capital reserves, conviction, and patience to wait years before recovery. Starwood also pursued multi-family apartments and office properties at distressed valuations. $1 billion capital deployments during downturns.