Starwood probably will sell a minority stake in an initial public offering, said the person, asking not to be named because talks are private. Sternlicht told Bloomberg Television in December 2012 he was considering a stake sale to raise cash and finance new businesses. In November, he said he may consider IPOs of some of Starwood’s holdings.

Sternlicht, 53, has hired more staff at Greenwich, Connecticut-based Starwood in recent years to pursue investments. The firm has been buying shopping malls and office properties, with the CEO saying he’s “bullish” on commercial real estate because of its attractive yields.

Tom Johnson, a Starwood Capital spokesman with Abernathy MacGregor Group, declined to comment on Starwood Capital’s plan.

Starwood Capital has raised about $23 billion of equity since inception, and bought more than $45 billion in assets, according to a January statement. The Wall Street Journal reported earlier today that the firm is preparing a share sale.

“I think you might see our mall business go public, maybe some of our hotels,” Sternlicht said in the November interview with Bloomberg Television. “We own more than 100 hotels in the U.S. and building a bunch. It’s a good time to be public.”

He founded the firm in 1991 after working for Chicago-based JMB Realty Corp. He started the company now known as Starwood Hotels & Resorts Worldwide Inc. (HOT) in 1995, running it until 2004 when he stepped down as CEO to become executive chairman. He resigned in 2005 amid a dispute with the board. Starwood Hotels, based in Stamford, Connecticut, is no longer affiliated with Starwood Capital.

To contact the reporter on this story: David Welch in New York at dwelch12@bloomberg.net

To contact the editor responsible for this story: Jeffrey McCracken atjmccracken3@bloomberg.net

http://www.bloomberg.com/news/2014-02-18/starwood-capital-ceo-sternlicht-said-to-be-preparing-share-sale.html

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