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Rani Salehi
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Jan 18, 2013

Housing Trends

Sternlicht Cashing In on Housing Rebound in U.S. With IPO

Barry Sternlicht, who built his career buying distressed real estate in the early 1990s, is seeking to profit from the U.S. housing market revival by taking public a four-year-old homebuilder that has yet to make money.

Tri Pointe Homes LLC (TPH), an Irvine, California-based company 83.5 percent-owned by Sternlicht’s closely held Starwood Capital Group LLC, has filed to raise as much as $187.2 million through an initial public offering. The IPO will help Sternlicht, who plans to sell 1.7 million of his Tri Pointe shares, get low-cost capital for the company and recoup part of Starwood’s $150 million investment as demand for new houses and homebuilder stocks rises.

View the Article Here

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