Starwood Founder to Resign as Chairman

NEVADA – As reported by Bloomberg News: "Barry Sternlicht, founder of Starwood Hotels & Resorts Worldwide Inc., will resign as executive chairman and director of the company to focus on building his real estate investment firm.

"Sternlicht, who founded the hotel company in 1995 and retired as chief executive in October, is planning to raise $800 million to acquire hotels for Starwood Capital Group Global LLC, the real estate and private equity firm he heads. He's stepping down after turning Starwood Hotels into a global company and as hotel chains are benefiting from higher rates amid a surge in business.

"Bruce Duncan, a current director, was named chairman, White Plains, N.Y.-based Starwood said Thursday in a statement. Sternlicht, 44, will be replaced on the board by Lizanne Galbreath, managing director of real estate firm Galbreath & Co.

"Starwood has a presence in Las Vegas and was a key player in the transaction that turned the Desert Inn over to Las Vegas gaming executive Steve Wynn, who built Wynn Las Vegas on the site.

"…Sternlicht, who will take the title of Starwood founder and chairman emeritus, fulfilled his duty to remain during a transitional period, according to the statement. He serves as president and chief executive of Starwood Capital, which has $5 billion invested in office buildings, hotels and golf courses…"