The Ledger
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Sternlicht: Starwood Brooklyn Hotel Faces Severe Staffing Deficit Despite $10 Wage Hike
“I was at the, our hotel in Brooklyn last night and we have 200 and 20 people on staff and we're missing 40 people. And we're running a full hotel and we can't run the hotel. We can't do room service. Some of our, we're having job fairs and we've raised rates 1…”
Sternlicht: Do not blindly trust top VC firms like a16z or Sequoia
“The key to investing is actually doing your own work. Then you triangulate other people's opinions and stuff, but do your own work. And I, the biggest mistakes like you often find when you find Andreas and Horowitz and Sequoia are, they're all in this deal. I …”
Sternlicht: Starwood executed pandemic rescue financing for TPG's TRTX
“We did a rescue package on TPG's mortgagry, TRTX, and he said, how could you do this? My son, who's just entered Harvard Business School, and I was explaining to him that at these values, where our attachment points were for the loans we were getting, we could…”
Sternlicht: Starwood owns no office or residential properties in SF or NYC
“So we don't own anything in San Francisco or New York. We own a couple hotels in New York. We own no office, no residential anymore, and we've been active in these markets. We got out years ago, way before COVID.”