Starwood closes Fund XI on $7.5 bln

Starwood Capital Group, the investment firm led by Barry Sternlicht, closed its 11th opportunistic real estate fund on about $7.5 billion.

Fund XI has already made 17 investments, representing more than $5 billion in total assets, Lanhee Yung, managing director in capital raising and investor relations, said in a statement.

Investments include the take-private of Milestone, a multifamily REIT listed on the Toronto Stock Exchange, and an equity interest in Yotel, which integrates elements of a luxury hotel in an affordable space.

Starwood raised $5.6 billion for Fund X in 2015 and $4.2 billion for the ninth fund in 2013.

Photo: Barry Sternlicht, Chairman and CEO of Starwood Capital Group, speaks at the 2014 Milken Institute Global Conference in Beverly Hills, California April 28, 2014. REUTERS/Lucy Nicholson