Barry Sternlicht, the legendary real estate investor and creator of W-Hotel boutique design brand, is making another big splash in the branded hotel segment by rolling out his new 1 Hotels brand. The hotel visionary has already launched 1 Hotels in Miami and Manhattan. By the end of the year, he plans to open another hotel in the series at Brooklyn Bridge Park.
Much like how his previous W-Hotel brand prompted rival hotel chains to come up with similar concepts, Sternlicht foresees others in the industry taking his lead in creating ecology-driven brand hotels. However, Sternlicht is upbeat about the market potential for his new brand and confident of creating 20 to 25 of such hotels.
The 51 year-old real estate investor regards the upcoming eco-friendly hotel located south of the Brooklyn Bridge as the best hotel project he has ever undertaken.
Barry Sternlicht is Chairman and CEO of Starwood Capital Group, a Connecticut-based private investment firm. In his 24 years at the helm of Starwood Capital, Sternlicht has structured investments with a total asset value of about $65 billion. Starwood Capital has raised over $31 billion of equity capital and currently manages more than $42 billion of real estate assets. Besides the hotel industry, the investment group focuses on global real estate, oil, energy infrastructure, as well as securities trading.
In creating the latest hotel brand, Sternlicht combines his passion for architecture and finance with his concern for environmental issues. According to Sternlicht, his commitment to the environment was the strongest selling point in convincing the city of Brooklyn to lease him the site at the Brooklyn Bridge Park.
Last week, Starwood Capital bought a portfolio of 50 economy extended-stay locations and announced plans to integrate them into its own InTown Suites brand.
Starwood Capital-owned Baccarat Hotels & Resorts is also planning an expansion. The group is expected to open new hotels in Doha, Dubai and Rabat (Morocco) within the next couple of years.