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Team – Starwood Energy Group
Madison Grose is Vice Chairman, Senior Managing Director and General Counsel of Starwood Energy Group. In addition, he serves as a Senior Managing Director …
Source: www.starwoodenergygroup.com
Date Published: 1/15/2021
View: 7414
Madison Ferrand Grose, Starwood Energy Group Global LLC
Madison Ferrand Grose. Vice Chairman/Sr Mng Dir/Co-General Counsel, Starwood Energy Group Global LLC ; PREVIOUS POSITION. — ; EDUCATION. Stanford University.
Source: www.bloomberg.com
Date Published: 3/13/2022
View: 7107
Madison Grose | Starwood Capital Group – Mergr
Madison Grose is a Senior Managing Director and Co-General Counsel of Starwood Capital Group. In addition, he serves as Vice Chairman, Co-General and a …
Source: mergr.com
Date Published: 12/16/2021
View: 6393
Madison F. Grose – Roles at Starwood Capital Group – The Org
Madison F. Grose · Senior MD & Co-General Counsel · Roles at Starwood Capital Group · Barry S. Sternlicht.
Source: theorg.com
Date Published: 1/29/2021
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Madison F. Grose of Starwood Capital Group Management Llc
Madison F. Grose is Senior Managing Director/Co-General Counsel at Starwood Capital Group Management L.l.c., an investment advisor with 38.4 BN in AUM.
Source: www.symmetric.io
Date Published: 7/24/2022
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iStar Inc. 7.65% Cum. Redeem. Pfd. Series G STAR.PRG (US
Madison Grose is a Senior Managing Director and Co-General Counsel of Starwood Capital Group. In addition, he serves as Vice Chairman, General Counsel and a …
Source: www.wsj.com
Date Published: 10/17/2022
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Madison Farrand Grose # 82232 – Attorney Licensee Search
Madison Farrand Grose #82232. License Status: Inactive. Address: Starwood Capital Group, 591 W Putnam Ave, Greenwich, CT 06830.
Source: apps.calbar.ca.gov
Date Published: 12/27/2021
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주제에 대한 기사 평가 madison grose starwood
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- Date Published: 2022. 7. 29.
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Who owns Starwood Capital?
…
Starwood Capital Group.
| Industry | Private equity |
|---|---|
| Website | starwoodcapital.com |
Who founded Starwood Capital?
Will Ouyang Starwood?
William Ouyang is a Vice President of Starwood Energy Group. In this role, he is responsible for principal investing and asset management in the power sector. He was actively involved in the acquisition and development of the Stephens Ranch I and II, Shannon, Horse Creek, Electra, and Northwest Ohio projects.
Does Starwood Capital own Starwood Hotels?
Starwood Capital is perhaps best known for creating and building Starwood Hotels & Resorts. This leading global hotel company has its origins in Starwood Capital’s initial investment in publicly traded Hotel Investors Trust (NYSE: HOT) in 1994.
Is Starwood Capital a good company?
Starwood is an excellent place to learn and grow from the best in the industry. Starwood is filled with smart people who are the best at what they do. Great compensation and benefits.
Is Marriott and Starwood the same?
On November 16, 2015, Marriott International announced its plan to acquire Starwood Hotels & Resorts Worldwide. On April 8, 2016 stockholders of both Marriott International and Starwood Hotels & Resorts Worldwide approved the merger.
Is Starwood Capital part of Marriott?
One of the world’s largest public hotel companies—Starwood Hotels & Resorts (formerly NYSE: HOT, since merged with Marriott Hotels).
Who owns the Marriott hotel chain?
Today, Marriott International controls over 7,000 properties in 131 countries, including the Ritz-Carlton and St. Regis luxury brands. The family still owns about 18% of the company’s shares. Bill Marriott, John Willard’s son, was CEO for four decades and still serves as Marriott International’s executive chairman.
Is Sheraton a SPG?
…
| · The St. Regis Aspen Resort | · Sheraton Fisherman’s Wharf Hotel |
|---|---|
| · The Gwen, a Luxury Collection Hotel, Chicago | · Sheraton Pentagon City Hotel, Virginia |
Is Starwood now Bonvoy?
Marriott Hotels purchased Starwood and replacing the beloved Starwood Preferred Guest (SPG) with a new combined program, Bonvoy.
Why did Marriott take over Starwood?
Marriott estimates that the merger will allow it to make $250m in annual cost savings and kick start expansion in to new markets.
Does Starwood hotels still exist?
…
Starwood.
| Type | Subsidiary |
|---|---|
| Industry | Hospitality |
| Founded | 1969, reorganized in 1995 |
| Defunct | September 23, 2016 |
| Fate | Acquired by Marriott International |
Is Starwood Capital part of Marriott?
One of the world’s largest public hotel companies—Starwood Hotels & Resorts (formerly NYSE: HOT, since merged with Marriott Hotels).
Who owns Capital Group Companies?
Ownership. As of 2019, the company is owned by 450 partners.
How much is Barry Sternlicht worth?
He is also chairman of Starwood Property Trust. He is the co-founder of Starwood and served as its CEO from 1995 to 2005. As of January 2022, his net worth was estimated at $4.3 billion. New York City, U.S.
Is Starwood a public company?
Starwood Property Trust (NYSE: STWD) is a leading, diversified real estate finance company with: Shares publicly traded on the New York Stock Exchange (STWD) and a current market capitalization of approximately $7 billion.
Starwood Energy Group
The Starwood Energy team combines extensive specialized and sophisticated experience in acquiring, financing, developing and optimizing energy infrastructure assets. Executive team is deeply experienced in energy and infrastructure investing with more than eight decades of combined experience in the power sector and approx. $7 billion in principal transactions.
Mr. Grose holds a B.A with distinction and highest departmental honors from Stanford University and a J.D. from UCLA School of Law, where he served as the Chief Comment Editor of the UCLA Law Review.
Prior to joining Starwood Capital in 1992, Mr. Grose was a Senior and Founding Partner with Pircher, Nichols & Meeks, a law firm specializing in complex real estate-related transactions.
Madison Grose is Vice Chairman, Senior Managing Director and General Counsel of Starwood Energy Group. In addition, he serves as a Senior Managing Director and Co-General Counsel of Starwood Capital Group. In 2004, Mr. Grose led the structuring and underwriting of Starwood Energy’s first investment, Neptune, a 660 MW undersea transmission line connecting New Jersey (PJM grid) and Long Island. Mr. Grose has served as General Counsel or Co-General Counsel of Starwood Energy Group from its inception and as General Counsel or Co-General Counsel of Starwood Capital Group since 1992, as a Trustee or Director of Starwood Hotels & Resorts Worldwide (formerly NYSE: HOT, since merged with Marriott Hotels) from 1994 until 2001, and as a Director of iStar Financial (NYSE: STAR), from 1999 until 2003.
Mr. Saxena earned an MBA from Duke University, where he was a Fuqua Scholar, an M.S. in Chemical Engineering from Cornell University, and a Bachelor’s of Technology in Chemical Engineering from the Indian Institute of Technology (“IIT”) in Bombay, India.
Mr. Saxena currently serves on the Advisory Board at Cornell University’s Program in Infrastructure Policy (CPIP), as a Board Member for the American Council on Renewable Energy (ACORE), and on the Advisory Council of Cornell Energy Systems Institute.
Prior to joining Starwood Energy in early 2008, Mr. Saxena was an investment banker with JPMorgan’s global energy and utilities group. Before that, Mr. Saxena worked at American Electric Power, where he focused on managing financial risks in the power trading business and on optimizing a power generation portfolio. Mr. Saxena was previously a Chemical Engineer at industrial gas company Praxair, where he filed for several patents.
Himanshu Saxena is Chief Executive Officer of Starwood Energy and is responsible for supervision of the Firm’s investment program and strategy, as well as overall management of the Firm. Mr. Saxena sits on both the Investment Committee and the boards of portfolio companies. Mr. Saxena is also responsible for the development and management of the investment team. In addition, he maintains responsibilities for origination, structuring, execution, monitoring and exiting investments across the energy industry. Mr. Saxena has led the acquisition and development of numerous power generation and transmission projects and midstream and downstream assets in North America, with aggregate enterprise value of more than $13 billion.
Professionals
Alex Daberko, Managing Director
Alex Daberko is a Managing Director of Starwood Energy Group. Since joining Starwood in 2007, he has played an active role in many of the firm’s M&A and development transactions, including conventional generation (Thermo Ft. Lupton, Starwood Power Midway, Richland-Stryker), solar (Starwood SSM), biomass (Gainesville Renewable Energy Center), and transmission (Neptune and Hudson). More recently, Mr. Daberko has led Starwood’s wind development efforts, successfully financing and constructing six projects totaling more than 1,100MW in four years. Mr. Daberko was also instrumental in the formation and financing of Compass Power in 2017.
Read More Prior to Starwood, Mr. Daberko was a part of the Energy & Power Investment Banking team at Merrill Lynch where he specialized in commodity and commodity-linked transactions. Mr. Daberko holds an M.B.A. from Columbia University and a B.A. in Mathematics & Economics from Yale University.
Philipp Pletka, Managing Director
Philipp Pletka is a Managing Director of Starwood Energy Group and plays an active role in the firm’s investment activities. Mr. Pletka joined the firm from BlackRock’s Energy & Power private equity team where he played an active role in implementing the division’s growth strategy within BlackRock’s Real Assets direct investment platform. Prior to BlackRock, Mr. Pletka was a director at Quantum Energy Partners where his primary responsibilities included structuring and executing of capital deployments across all active funds focused in the power, midstream and upstream sectors. Mr. Pletka started his career in JPMorgan’s Natural Resources Investment Banking team. He has 17 years of experience in the energy space.
Jeffrey Levy, Managing Director and Deputy General Counsel
Jeffrey Levy is Managing Director and Deputy General Counsel at Starwood Energy Group. In this role, he works closely with the team and advises from a legal perspective on all aspects of the business, including acquisitions, financing transactions, development and asset management, and fund structuring and governance.
Prior to joining Starwood Energy Group in 2021, Mr. Levy was Senior Vice President, General Counsel and Corporate Secretary at Atlantic Power Corporation, a cross-listed (NYSE and TSX) independent power producer, where he was responsible for all of the corporation’s legal affairs. Previously, he was Vice President and Associate General Counsel at First Wind Energy, LLC and before that Counsel at Ameresco, Inc.
Read More Before his roles as in-house counsel, Mr. Levy practiced law in the Finance and Capital Markets group at Edwards & Angell LLP (since merged into Locke Lord LLP) and in the Private Equity/M&A group Choate Hall & Stewart LLP. Mr. Levy earned his J.D. from Suffolk University Law School, magna cum laude, where he was Note Editor of the SULS Law Review, and his B.S. degree in civil engineering, with distinction, from Worcester Polytechnic Institute. Mr. Levy is also a licensed professional civil engineer.
Jeffrey Delgado, Managing Director
Jeffrey Delgado is a Managing Director of Starwood Energy Group. In this role, he is responsible for the asset management and commercial optimization of Starwood’s operating assets. In addition, Mr. Delgado supports acquisition, development and construction activities. Mr. Delgado has over 28 years of experience in operations and management of power and transmission projects.
Read More Prior to joining Starwood Energy Group in 2015, Mr. Delgado was Director of Business Management with Caithness Energy where he was responsible for asset management and operations oversight of sixteen projects totaling over $3B. Mr. Delgado began his career at Con Edison where he held various operating positions at the utility’s power generation and substation facilities, and asset management and operations responsibility for its unregulated subsidiary’s PJM assets. Mr. Delgado holds a Bachelor of Science in Mechanical Engineering from Polytechnic University and a Master of Business Administration degree in Finance and Investments from Baruch College’s Zicklin School of Business.
Ali Amirali, Senior Vice President
Ali Amirali is a Senior Vice President of Starwood Energy Group. In this role, he is responsible for the expansion of Starwood Energy Group’s StarTrans high-voltage transmission assets, as well as for new business/project opportunities in the transmission and distribution arena in North America. He also supports the origination, development and acquisition activities associated with utility-scale power generation and storage projects.
Read More Prior to joining Starwood Energy Group in 2010, Mr. Amirali held a variety of key technical and leadership positions at Element Power, LS Power, Calpine Corp., California Independent Systems Operator and Pacific Gas and Electric Company. He has participated in the development and interconnection of more than 5,000 megawatts of electric generation in the Western U.S. and Mexico, and has developed and managed several large transmission line projects designed to improve reliability, reduce congestion, and deliver energy from thermal and renewable resources. Mr. Amirali received a B.S. degree in electrical engineering from the Iowa State University, an M.S. in electrical engineering from University of Idaho, a Master’s of Engineering in engineering management from the University of Colorado, and an MBA from Colorado State University. He is also a licensed Professional Engineer registered in the state of California.
Cheng Chang, Senior Vice President
Cheng Chang is a Senior Vice President of Starwood Energy Group. In this role, he leads energy management, strategy and market analysis for Starwood’s energy portfolio. In addition, Mr. Chang supports due diligence, acquisition and development of investment opportunities.
Prior to joining Starwood Energy Group in 2017, Mr. Chang led the global commercial and development teams of Intergen where he was responsible for asset management, origination, structuring and operations oversight of eighteen gas, coal, wind, compression station and pipeline projects in Australia, Europe, Mexico and U.S. markets totaling over $4B.
Read More Mr. Chang began his career at GDF Suez (now Engie) where he held various positions in strategic planning, M&A, finance, commercial and marketing, focusing on the deregulated power and gas markets in North America. Mr. Chang is a graduate of Tsinghua University and Stanford University.
Anik Gandhi, Principal
Anik Gandhi is Principal for Starwood Energy Group. In this role, he is responsible for principal investing and asset management within the energy infrastructure sector.
Prior to joining Starwood Energy in 2014, Mr. Gandhi was an Associate at Goldman Sachs in the Global Natural Resources Investment Banking group. At Goldman Mr. Gandhi focused on transactions involving regulated utilities, merchant generators, and conventional generation assets.
Read More His responsibilities included creating and assessing operational and financial valuation models for potential merger and acquisition opportunities, analyzing potential impacts of market regulations on generation assets, developing and presenting client pitchbooks and investment marketing materials, and performing industry research and transaction due diligence. Mr. Gandhi holds an MBA from New York University’s Stern School of Business and a Bachelor’s degree from Dartmouth College.
David Siegel, Principal
David Siegel is a Principal of Starwood Energy Group. In this role, he is responsible for principal investing and asset management in the power sector.
Prior to joining Starwood in June 2019, Mr. Siegel was a Vice President of Beowulf Energy, where he focused on opportunistic operational and distressed power investments. His responsibilities also included asset management functions, such as portfolio financings, asset redevelopment and power/capacity optimization.
Read More Mr. Siegel holds a B.S., cum laude, with a concentration of Financial Analysis Honors from the State University of New York at Albany.
William Ouyang, Vice President
William Ouyang is a Vice President of Starwood Energy Group. In this role, he is responsible for principal investing and asset management in the power sector. He was actively involved in the acquisition and development of the Stephens Ranch I and II, Shannon, Horse Creek, Electra, and Northwest Ohio projects.
Prior to joining Starwood Energy in 2013, Mr. Ouyang was an Analyst in Citigroup’s Alternative Energy Finance group where he worked primarily on renewable energy transactions involving wind, solar PV, and solar CSP facilities.
Read More Mr. Ouyang holds a B.S. in Economics, Statistics, and Business Administration from Carnegie Mellon University.
Timothy Gusick, Vice President
Tim Gusick is a Vice President at Starwood Energy Group. In this role, he is responsible for asset management and optimization, project development and market analysis for Starwood’s energy infrastructure portfolio. In addition, he supports acquisition and risk management activities.
Prior to joining Starwood Energy in 2021, Tim was a Vice President at Eastern Generation responsible for corporate strategy, M&A, market and financial analysis and commercial asset optimization for a 5,000 MW merchant power generation portfolio.
Read More Prior to working at Eastern Generation, Tim was a Senior Commercial Associate at Equipower Resources, a 9,000 MW merchant independent power producer with assets located in NYISO, PJM and ISO-NE. Tim started his career as an investment banking analyst at Auria Capital (fka Fieldstone Private Capital Group), responsible for financial analysis of energy and infrastructure M&A transactions. Tim holds a B.S. in Finance from Fordham University..
Wendy Gu, CFA, Vice President
Wendy Gu, CFA is a Vice President of Starwood Energy Group. In this role, she is responsible for asset and energy management of Starwood’s operating assets and supports acquisition and development opportunities.
Prior to joining Starwood Energy in 2017, Ms. Gu was an Analyst in ING’s Structured Finance group, where she worked in the Utilities, Power & Renewables team, covering project finance and leveraged finance transactions within the Power sector.
Read More Ms. Gu holds a B.S. in Chemical Engineering from Cornell University and is a CFA Charterholder. arnegie Mellon University.
Abraham Kepes, Vice President
Abraham Kepes is a Vice President of Starwood Energy Group. In this role, he is responsible for principal investing and asset management in the energy infrastructure sector.
Prior to joining Starwood in June 2018, Mr. Kepes was an Analyst in Macquarie Capital’s Infrastructure and Energy Group, where he focused on principal investment in the power and utilities space. His responsibilities included conducting due diligence on potential investment opportunities, asset management and development, and supporting asset sale processes. Prior to Macquarie, Mr. Kepes was part of the project finance group at CIT Bank, specializing in power and infrastructure projects.
Mr. Kepes holds a B.A. in Economics from Dartmouth College.
Starwood Capital Group
American private equity and investment firm
Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida.[3] It is managed by Barry Sternlicht.[2] It was co-founded by Sternlicht and Robert Faith in 1991.[1] In 1993, Faith left Starwood to found Greystar Real Estate Partners.[1]
History [ edit ]
In 1991, at the age of 31, Sternlicht launched the firm to buy apartment buildings that were being sold by the Resolution Trust Corporation, created by the federal government to hold and liquidate the real estate assets owned by failed banks after the savings and loan crisis.[2] Sternlicht raised $20 million from the families of William Bernard Ziff Jr. and Carter Burden of New York to fund these purchases.[4]
In 1993, the company contributed the apartment portfolio to Sam Zell’s Equity Residential in exchange for a 20% stake in the company.[5]
In 1994, in partnership with Goldman Sachs, the company purchased Westin Hotels & Resorts in a $561 million transaction.[4] In January 1995, Starwood purchased Hotel Investors Trust, an almost-bankrupt real estate investment trust,[6] and in 2005, acquired Groupe du Louvre, which owned crystal maker Baccarat.[2] Groupe de Louvre was sold in 2015, but Baccarat was retained by Starwood.[7]
In 2009, a consortium led by Starwood Capital bought 40% of the loan portfolio of Corus Bankshares, which suffered from bank failure.[8] In 2010, the company lost an auction to buy Extended Stay Hotels, which was in bankruptcy. Starwood unsuccessfully filed an objection against the sale to Centerbridge Partners with the bankruptcy court in Manhattan.[9] In the same year, Starwood received a majority ownership stake in Riviera Holdings, owners of the Riviera hotel and casino in Las Vegas, Nevada and Riviera Black Hawk in Black Hawk, Colorado, after a bankruptcy reorganization.[10]
In 2012, the company began construction of a chain of hotels under the name of Baccarat Hotels and Resorts, featuring crystal chandeliers from Baccarat.[11] In 2015, the firm sold its flagship Baccarat hotel in New York City.[12] In the same year, the group partnered with Toll Brothers to develop the Pierhouse at Brooklyn Bridge Park.[13]
In December 2013, Starwood Global Opportunity Fund IX, in partnership with Vencom, bought 7 retail properties from the Swedish retail group Kooperativa Förbundet for 3.9 billion Swedish kronor, or $593.3 million, and sold these in 2016 and 2017.[14][15] Between 2013 and 2014, Starwood also acquired three British hospitality groups: De Vere Group for GB£232 million,[16] Four-Pillars Hotels for GB£90 million,[17] and Principal Hayley Group for GB£360 million.[18]
In February 2014, Starwood Property Trust spun off Starwood Waypoint Residential Trust, a single-family rental real estate investment trust.[19] In January 2016, Starwood Waypoint Residential Trust merged with Colony American Homes, creating Colony Starwood Homes.[20] In 2017, it was merged into Invitation Homes. In March 2014, the firm acquired a stake in the A.S. Roma football club,[21] and in October 2014, Starwood purchased 7 upscale malls in Virginia, Florida, North Carolina, Texas, and Michigan from Taubman Centers in a $1.4 billion transaction.[22]
In 2016, the company acquired 23,262 apartments from Equity Residential for $5.365 billion.[23]
In September 2017, Starwood invested $250 million in YOTEL for a 30% stake.[24]
Notable real estate investments [ edit ]
Starwood Energy Group
The Starwood Energy team combines extensive specialized and sophisticated experience in acquiring, financing, developing and optimizing energy infrastructure assets. Executive team is deeply experienced in energy and infrastructure investing with more than eight decades of combined experience in the power sector and approx. $7 billion in principal transactions.
Mr. Grose holds a B.A with distinction and highest departmental honors from Stanford University and a J.D. from UCLA School of Law, where he served as the Chief Comment Editor of the UCLA Law Review.
Prior to joining Starwood Capital in 1992, Mr. Grose was a Senior and Founding Partner with Pircher, Nichols & Meeks, a law firm specializing in complex real estate-related transactions.
Madison Grose is Vice Chairman, Senior Managing Director and General Counsel of Starwood Energy Group. In addition, he serves as a Senior Managing Director and Co-General Counsel of Starwood Capital Group. In 2004, Mr. Grose led the structuring and underwriting of Starwood Energy’s first investment, Neptune, a 660 MW undersea transmission line connecting New Jersey (PJM grid) and Long Island. Mr. Grose has served as General Counsel or Co-General Counsel of Starwood Energy Group from its inception and as General Counsel or Co-General Counsel of Starwood Capital Group since 1992, as a Trustee or Director of Starwood Hotels & Resorts Worldwide (formerly NYSE: HOT, since merged with Marriott Hotels) from 1994 until 2001, and as a Director of iStar Financial (NYSE: STAR), from 1999 until 2003.
Mr. Saxena earned an MBA from Duke University, where he was a Fuqua Scholar, an M.S. in Chemical Engineering from Cornell University, and a Bachelor’s of Technology in Chemical Engineering from the Indian Institute of Technology (“IIT”) in Bombay, India.
Mr. Saxena currently serves on the Advisory Board at Cornell University’s Program in Infrastructure Policy (CPIP), as a Board Member for the American Council on Renewable Energy (ACORE), and on the Advisory Council of Cornell Energy Systems Institute.
Prior to joining Starwood Energy in early 2008, Mr. Saxena was an investment banker with JPMorgan’s global energy and utilities group. Before that, Mr. Saxena worked at American Electric Power, where he focused on managing financial risks in the power trading business and on optimizing a power generation portfolio. Mr. Saxena was previously a Chemical Engineer at industrial gas company Praxair, where he filed for several patents.
Himanshu Saxena is Chief Executive Officer of Starwood Energy and is responsible for supervision of the Firm’s investment program and strategy, as well as overall management of the Firm. Mr. Saxena sits on both the Investment Committee and the boards of portfolio companies. Mr. Saxena is also responsible for the development and management of the investment team. In addition, he maintains responsibilities for origination, structuring, execution, monitoring and exiting investments across the energy industry. Mr. Saxena has led the acquisition and development of numerous power generation and transmission projects and midstream and downstream assets in North America, with aggregate enterprise value of more than $13 billion.
Professionals
Alex Daberko, Managing Director
Alex Daberko is a Managing Director of Starwood Energy Group. Since joining Starwood in 2007, he has played an active role in many of the firm’s M&A and development transactions, including conventional generation (Thermo Ft. Lupton, Starwood Power Midway, Richland-Stryker), solar (Starwood SSM), biomass (Gainesville Renewable Energy Center), and transmission (Neptune and Hudson). More recently, Mr. Daberko has led Starwood’s wind development efforts, successfully financing and constructing six projects totaling more than 1,100MW in four years. Mr. Daberko was also instrumental in the formation and financing of Compass Power in 2017.
Read More Prior to Starwood, Mr. Daberko was a part of the Energy & Power Investment Banking team at Merrill Lynch where he specialized in commodity and commodity-linked transactions. Mr. Daberko holds an M.B.A. from Columbia University and a B.A. in Mathematics & Economics from Yale University.
Philipp Pletka, Managing Director
Philipp Pletka is a Managing Director of Starwood Energy Group and plays an active role in the firm’s investment activities. Mr. Pletka joined the firm from BlackRock’s Energy & Power private equity team where he played an active role in implementing the division’s growth strategy within BlackRock’s Real Assets direct investment platform. Prior to BlackRock, Mr. Pletka was a director at Quantum Energy Partners where his primary responsibilities included structuring and executing of capital deployments across all active funds focused in the power, midstream and upstream sectors. Mr. Pletka started his career in JPMorgan’s Natural Resources Investment Banking team. He has 17 years of experience in the energy space.
Jeffrey Levy, Managing Director and Deputy General Counsel
Jeffrey Levy is Managing Director and Deputy General Counsel at Starwood Energy Group. In this role, he works closely with the team and advises from a legal perspective on all aspects of the business, including acquisitions, financing transactions, development and asset management, and fund structuring and governance.
Prior to joining Starwood Energy Group in 2021, Mr. Levy was Senior Vice President, General Counsel and Corporate Secretary at Atlantic Power Corporation, a cross-listed (NYSE and TSX) independent power producer, where he was responsible for all of the corporation’s legal affairs. Previously, he was Vice President and Associate General Counsel at First Wind Energy, LLC and before that Counsel at Ameresco, Inc.
Read More Before his roles as in-house counsel, Mr. Levy practiced law in the Finance and Capital Markets group at Edwards & Angell LLP (since merged into Locke Lord LLP) and in the Private Equity/M&A group Choate Hall & Stewart LLP. Mr. Levy earned his J.D. from Suffolk University Law School, magna cum laude, where he was Note Editor of the SULS Law Review, and his B.S. degree in civil engineering, with distinction, from Worcester Polytechnic Institute. Mr. Levy is also a licensed professional civil engineer.
Jeffrey Delgado, Managing Director
Jeffrey Delgado is a Managing Director of Starwood Energy Group. In this role, he is responsible for the asset management and commercial optimization of Starwood’s operating assets. In addition, Mr. Delgado supports acquisition, development and construction activities. Mr. Delgado has over 28 years of experience in operations and management of power and transmission projects.
Read More Prior to joining Starwood Energy Group in 2015, Mr. Delgado was Director of Business Management with Caithness Energy where he was responsible for asset management and operations oversight of sixteen projects totaling over $3B. Mr. Delgado began his career at Con Edison where he held various operating positions at the utility’s power generation and substation facilities, and asset management and operations responsibility for its unregulated subsidiary’s PJM assets. Mr. Delgado holds a Bachelor of Science in Mechanical Engineering from Polytechnic University and a Master of Business Administration degree in Finance and Investments from Baruch College’s Zicklin School of Business.
Ali Amirali, Senior Vice President
Ali Amirali is a Senior Vice President of Starwood Energy Group. In this role, he is responsible for the expansion of Starwood Energy Group’s StarTrans high-voltage transmission assets, as well as for new business/project opportunities in the transmission and distribution arena in North America. He also supports the origination, development and acquisition activities associated with utility-scale power generation and storage projects.
Read More Prior to joining Starwood Energy Group in 2010, Mr. Amirali held a variety of key technical and leadership positions at Element Power, LS Power, Calpine Corp., California Independent Systems Operator and Pacific Gas and Electric Company. He has participated in the development and interconnection of more than 5,000 megawatts of electric generation in the Western U.S. and Mexico, and has developed and managed several large transmission line projects designed to improve reliability, reduce congestion, and deliver energy from thermal and renewable resources. Mr. Amirali received a B.S. degree in electrical engineering from the Iowa State University, an M.S. in electrical engineering from University of Idaho, a Master’s of Engineering in engineering management from the University of Colorado, and an MBA from Colorado State University. He is also a licensed Professional Engineer registered in the state of California.
Cheng Chang, Senior Vice President
Cheng Chang is a Senior Vice President of Starwood Energy Group. In this role, he leads energy management, strategy and market analysis for Starwood’s energy portfolio. In addition, Mr. Chang supports due diligence, acquisition and development of investment opportunities.
Prior to joining Starwood Energy Group in 2017, Mr. Chang led the global commercial and development teams of Intergen where he was responsible for asset management, origination, structuring and operations oversight of eighteen gas, coal, wind, compression station and pipeline projects in Australia, Europe, Mexico and U.S. markets totaling over $4B.
Read More Mr. Chang began his career at GDF Suez (now Engie) where he held various positions in strategic planning, M&A, finance, commercial and marketing, focusing on the deregulated power and gas markets in North America. Mr. Chang is a graduate of Tsinghua University and Stanford University.
Anik Gandhi, Principal
Anik Gandhi is Principal for Starwood Energy Group. In this role, he is responsible for principal investing and asset management within the energy infrastructure sector.
Prior to joining Starwood Energy in 2014, Mr. Gandhi was an Associate at Goldman Sachs in the Global Natural Resources Investment Banking group. At Goldman Mr. Gandhi focused on transactions involving regulated utilities, merchant generators, and conventional generation assets.
Read More His responsibilities included creating and assessing operational and financial valuation models for potential merger and acquisition opportunities, analyzing potential impacts of market regulations on generation assets, developing and presenting client pitchbooks and investment marketing materials, and performing industry research and transaction due diligence. Mr. Gandhi holds an MBA from New York University’s Stern School of Business and a Bachelor’s degree from Dartmouth College.
David Siegel, Principal
David Siegel is a Principal of Starwood Energy Group. In this role, he is responsible for principal investing and asset management in the power sector.
Prior to joining Starwood in June 2019, Mr. Siegel was a Vice President of Beowulf Energy, where he focused on opportunistic operational and distressed power investments. His responsibilities also included asset management functions, such as portfolio financings, asset redevelopment and power/capacity optimization.
Read More Mr. Siegel holds a B.S., cum laude, with a concentration of Financial Analysis Honors from the State University of New York at Albany.
William Ouyang, Vice President
William Ouyang is a Vice President of Starwood Energy Group. In this role, he is responsible for principal investing and asset management in the power sector. He was actively involved in the acquisition and development of the Stephens Ranch I and II, Shannon, Horse Creek, Electra, and Northwest Ohio projects.
Prior to joining Starwood Energy in 2013, Mr. Ouyang was an Analyst in Citigroup’s Alternative Energy Finance group where he worked primarily on renewable energy transactions involving wind, solar PV, and solar CSP facilities.
Read More Mr. Ouyang holds a B.S. in Economics, Statistics, and Business Administration from Carnegie Mellon University.
Timothy Gusick, Vice President
Tim Gusick is a Vice President at Starwood Energy Group. In this role, he is responsible for asset management and optimization, project development and market analysis for Starwood’s energy infrastructure portfolio. In addition, he supports acquisition and risk management activities.
Prior to joining Starwood Energy in 2021, Tim was a Vice President at Eastern Generation responsible for corporate strategy, M&A, market and financial analysis and commercial asset optimization for a 5,000 MW merchant power generation portfolio.
Read More Prior to working at Eastern Generation, Tim was a Senior Commercial Associate at Equipower Resources, a 9,000 MW merchant independent power producer with assets located in NYISO, PJM and ISO-NE. Tim started his career as an investment banking analyst at Auria Capital (fka Fieldstone Private Capital Group), responsible for financial analysis of energy and infrastructure M&A transactions. Tim holds a B.S. in Finance from Fordham University..
Wendy Gu, CFA, Vice President
Wendy Gu, CFA is a Vice President of Starwood Energy Group. In this role, she is responsible for asset and energy management of Starwood’s operating assets and supports acquisition and development opportunities.
Prior to joining Starwood Energy in 2017, Ms. Gu was an Analyst in ING’s Structured Finance group, where she worked in the Utilities, Power & Renewables team, covering project finance and leveraged finance transactions within the Power sector.
Read More Ms. Gu holds a B.S. in Chemical Engineering from Cornell University and is a CFA Charterholder. arnegie Mellon University.
Abraham Kepes, Vice President
Abraham Kepes is a Vice President of Starwood Energy Group. In this role, he is responsible for principal investing and asset management in the energy infrastructure sector.
Prior to joining Starwood in June 2018, Mr. Kepes was an Analyst in Macquarie Capital’s Infrastructure and Energy Group, where he focused on principal investment in the power and utilities space. His responsibilities included conducting due diligence on potential investment opportunities, asset management and development, and supporting asset sale processes. Prior to Macquarie, Mr. Kepes was part of the project finance group at CIT Bank, specializing in power and infrastructure projects.
Mr. Kepes holds a B.A. in Economics from Dartmouth College.
Starwood Capital
The following are some notable investments over the Firm’s history.
Private Transactions
CORUS BANK
In October 2009, a consortium led by Starwood Capital acquired a $4.5 billion face-value distressed loan portfolio owned by the former Corus Bank. The $2.7 billion purchase of the portfolio from the Federal Deposit Insurance Corp. was one of the government’s largest distressed debt transactions during the Great Recession. The portfolio at acquisition consisted of more than 100 loans and owned real estate assets linked to high-quality condominiums in major gateway cities, multifamily housing, office properties and land. Our strategy included reworking more than 40 large, non-performing loan positions and creating a dedicated entity (ST Residential) to manage the 13-asset multifamily portfolio. The team subsequently created an innovative branded lifestyle message for the multifamily properties that allowed it to raise prices and rents while achieving healthy absorption rates, followed by a successful program of loan payoffs, condo sales and asset sales. We had fully realized 88 of the assets by the end of 2013, and sold the last major asset in March 2015. We can now look back on what has proven to be an extraordinary investment for investors and the U.S. government.
TRTX RESCUE FINANCING
In May 2020, we recapitalized TPG Real Estate Finance Trust, a publicly traded commercial mortgage REIT (NYSE: TRTX), with a structured investment of preferred equity and warrants to purchase common stock. The transaction structure provided downside protection with a fixed return and seniority via the preferred equity, combined with upside from equity appreciation via the warrants. At the time, the company needed liquidity to relieve pressure from lender margin calls due to Covid-related market volatility, and Starwood was one of the few investors willing to commit capital at this point in the pandemic.
At the time of our investment, TRTX owned a portfolio of 66 floating rate loans, totaling $5.75 billion of commitments, collateralized by high-quality real estate in institutional markets where we have experience investing. The collateral was primarily office, multifamily and mixed-use, with minimal exposure to construction or the sectors most directly impacted by Covid. We had a unique understanding of the situation given our experience managing Starwood Property Trust, and believe that our position has significant protection. By the end of June 2021, the investment had returned our equity investment plus substantial profit with additional warrants still owned by Starwood’s fund.
URBAN INDUSTRIAL PORTFOLIO
We acquired this 10-asset, 1.6 million square foot portfolio of light industrial, distribution and life science assets in the U.K. via an off-market transaction in December 2019. At acquisition, the assets both were located in close proximity to key distribution routes, and had strong historical performance. Further, the assets boasted a highly diversified tenant mix with sectors including distribution, R&D, construction, engineering, trade counter and business services. During our ownership, the assets benefitted from the growth of e-commerce, increasing demand for well-located industrial assets, as well as the steady depletion of industrial-zoned land close to urban centers. After only a 12-month hold, we sold the portfolio in December 2020 for a significant premium to acquisition price.
DIVERSIFIED SCANDINAVIAN PORTFOLIO
We started investing in the Scandinavian market in 2013 and were one of the first non-local investors to pursue this very local investor dominated market. We acquired the Diversified Scandinavian Portfolio investment in January 2015 by purchasing two property companies: SveaReal Fastigheter in Sweden (79 properties totaling 9M sf) and Fortin in Norway (27 properties totaling 2.4M sf) for a combined $1.4 billion. The transaction represented a rare opportunity to access Scandinavia at scale and was the largest real estate transaction in the region since the global financial crisis. Although the region had generally proven challenging for foreign buyers prior to our acquisition, our deep relationships in the region enabled us to secure this opportunity on an off-market basis. Several factors have helped make this a successful investment including proactive asset management, value-add initiatives, market conditions and opportunistic sales. Prior to September 2018 we had sold 35 assets for a gross exit price of ~$790 million, and in September 2018 we closed on a portfolio sale including 51 out of the 106 original properties. We are now winding up the remaining assets. This transaction is a prime example of Starwood Capital’s ability to get ahead of capital flows in areas not yet on the radar screen of other investors.
NATIONAL MULTIFAMILY PORTFOLIO
In January 2016, SOF X and a Starwood Capital co-invest acquired an institutionally owned, Class A multifamily portfolio that included assets in South Florida, Denver, Washington, D.C., Seattle and the Inland Empire, California. The portfolio consisted of 23,262 units across 72 garden style and mid-rise communities—operated as 66 distinct assets post-close. These Class A assets had an average vintage of 1996, limited deferred maintenance and amenities such as 9 foot ceilings, in-unit washers and dryers, and parking garages. With this acquisition—together with SOF X’s purchase of Landmark Apartment Trust (17,624 units), also completed in January 2016—Starwood Capital became one of the largest owners of market-rate multifamily housing in the United States.
At its $5.4 billion purchase price, the transaction was the largest non-hotel acquisition in Starwood Capital’s history. Starwood Capital’s close, longstanding relationship with the seller created an opportunity to purchase these assets off-market. The seller was focused on a quick, certain execution and only approached a few bidders that could complete such a large transaction.
1 HOTEL & HOMES SOUTH BEACH
When Starwood Capital purchased the Gansevoort Miami South Beach in February 2012, the Firm had strong conviction in the strength of the South Beach hotel and recovering residential market due to its first-hand, front-row seat provided from its purchase of Corus Bank, a separate investment, which owned more than 2,000 condo units in the Miami area at its peak. With this knowledge in mind, the Firm acquired this beachfront property and over the next three years leveraged the collective expertise of its in-house design and hotel asset management teams to complete a gut renovation that completely transformed the tired, 1970s-style Gansevoort into a LEED Silver-certified building featuring stunning natural materials and lush landscaping. The renovation replaced the direct ocean facing façade of the building, which was a concrete wall with few openings, with floor-to-ceiling windows. The renovation also included completing 155 condominiums totaling 232,000 square feet, breaking the pool deck in two to create a more human scale to the pool and common areas, developing a 14,000 square foot gym from leftover space and a 5,500 square foot Bamford spa (the first in the U.S.), buying out/relocating several tenants and releasing 25,000 square feet of owned retail space, and gutting and creating a new rooftop bar and pool.
The property was opened as the newly rebranded 1 Hotel South Beach in March 2015, repositioning the property as one of the premier hotel and condo destinations in the booming South Beach market. The opening also marked the launch of 1 Hotels, a new lifestyle hotel brand that cultivates the best of eco-conscious design and sustainable architecture, together with extraordinary comfort and an unrivaled level of service. The Firm received numerous industry and guest accolades while increasing the hotel’s net operating income 800%. In February 2019, the Firm closed on the sale of 1 Hotel South Beach for $610 million, which translates to $1.44 million per key – a record for the highest price per key ever achieved in the state of Florida, beating the prior record by over 30% or nearly $350 thousand per key. This sale also set a record for the highest price per key for a U.S. hotel outside of New York and the highest price per key for a resort property in the U.S.
THE PRINCIPAL HOTEL COMPANY
We assembled this portfolio by acquiring three bankrupt companies from two banks between February 2013 and March 2014 for a gross purchase price of $1.1 billion.
In February 2013, Starwood Distressed Opportunity Fund IX, alongside a limited partner co-investment vehicle, acquired Principal Hayley Group and its extraordinary pan-U.K. collection of 22 grande-dame style hotels, as well as a London conference center. This purchase represented an opportunity to invest in an entire hotel company, including its management team, brands and technology platform. The platform expanded in January 2014 through the acquisition of Four Pillars Hotels—a portfolio of five hotels located in and around the historic city of Oxford. The portfolio grew further in March 2014 with the acquisition of De Vere Venues, which added 23 owned and leased hotels, as well as several conference centers in London. That month we combined the three U.K. hotel portfolios to form a unique, pan-U.K. collection of 50 owned and leased hotels including 7,064 keys (plus 10 franchise and management contracts). The combined platform enabled us to unlock significant synergies including over £5 million in annual cost savings.
In November 2016 we relaunched the three legacy companies under a new lifestyle-hotel platform, The Principal Hotel Company, and subsequently won numerous international hotel industry and design awards. Major achievements across the combined portfolio include: signing a 175-year lease on the renowned Grand Hotel Birmingham in April 2017 to establish a pipeline of additional iconic properties and to execute £45 million interior fit-out; performing a spectacular renovation of The Hotel Russell beginning in July 2016, which reopened in April 2018 as The Principal London, the flagship hotel of the Principal brand; renovating and opening Wotton House, Beaumont Estate, Latimer Estate and Tortworth Court as flagships for the De Vere brand, which relaunched in September 2017, and selling a portfolio of 34 assets for $1.1 billion – a sale that broke numerous records and locked in strong returns for our investors.
INTOWN SUITES
In June 2013, SOF IX acquired InTown Suites, one of the largest owners of economy extended stay properties in the U.S. Our purchase price was a 20% discount to estimated replacement cost and a 10-15% discount to the seller’s basis. We sourced the transaction through extended off-market discussions with the seller. At original acquisition, the company owned and operated 138 properties (17,978 rooms), representing ~25% of the extended-stay sector. These properties behave more like apartments than hotels, as they rent by the week. InTown’s units, which come furnished and include utilities, cable and internet, offer residents a lower-cost and flexible alternative to apartments.
As of acquisition, we were bullish on the economy extended-stay sector, as there was virtually no competitive supply currently under construction. We believed there was attractive upside to be captured by strategically investing in the underlying brand and expanding the company’s footprint through accretive acquisitions and, potentially, franchising and development opportunities. This thesis has been proven correct.
SELECT-SERVICE HOTEL PORTFOLIO
In 2015, Starwood Capital took a major step in the Firm’s expansion into the select-service space with Starwood Global Opportunity Fund X’s acquisition, alongside a limited partner co-investment vehicle, of TMI Hospitality, one of the largest owners, managers and developers of select-service hotels in the United States, with 184 operating hotels and more than a dozen in the development pipeline. This follows joint ventures that Starwood Capital had established across multiple recent funds that target select-service hotels with strong cash-on-cash yields that can be acquired at significant discounts to replacement cost. As a result, the Firm assembled one of the largest collections of select-service hotels in the United States. In October 2016, a Chinese life insurance company announced that it would serve as the anchor and leading investor for a 280-asset, 24,000-key select-service portfolio alongside a consortium of sovereign wealth funds and other investors that Starwood Capital assembled.
Starwood Capital created value throughout all phases of the investment period for these select-service properties. The assets in the sold portfolio were acquired at favorable entry points and aggregated into a portfolio well-diversified by brand, geography and demand drivers. The Firm’s dedicated select-service asset management team implemented strategies to improve revenue, control costs and strategically invest capital to improve guest-facing areas—to maximize return on investment and profitability. In addition, the team executed an exit strategy of a private portfolio sale to investors seeking a well-diversified portfolio of strong cash flow-generating hotels.
SEATTLE MACY’S OFFICE REDEVELOPMENT
In October 2015, SOF X acquired a condo interest in the top four floors of the Macy’s department store in downtown Seattle — with plans to convert those floors to creative office space. The owned space included 316K sf of offices on floors 5–8, which were previously used by Macy’s for retail and regional offices — as well as exclusive use of ground floor space for a dedicated office lobby and elevator bank.
At the time of our acquisition, the Seattle office market had seen robust growth fueled by tech-oriented tenants, which comprised nearly half of all recent leasing activity. There were very few existing blocks of office space over 100K sf available in downtown Seattle, and this project contained the largest existing block of contiguous space in the CBD.
In September 2017, we signed a 15-year office lease for 485K sf with Amazon. The office space was key to Amazon’s growth plans — located within two blocks of its U.S. headquarters with room for more than 2,500 employees. In January 2020, we acquired the remainder of the building (4 floors; an additional 280K sf) from Macy’s and concurrently entered into a coterminous lease expansion with Amazon.
By the end of March 2021, we had completed the majority of the core and shell work and delivered over 95% of the leased premises to Amazon for its tenant improvement work. With Amazon well on its way to occupancy, we found the market strong for an opportunistic sale approximately two years ahead of prior projections. Our ultimate sale price was just 2% below our previously underwritten 2023 stabilized exit value despite the project still being under construction and having 88K sf of unleased ground floor retail space.
PCT EL SEGUNDO OFFICE CAMPUS
In October 2017, SOF XI acquired PCT Office Campus, a LEED Gold-certified Class A office campus in El Segundo, California comprising 1.5 million sf in three office towers. The office towers are the tallest and most-recognizable buildings in El Segundo and our purchase price represented a 39% discount to replacement cost. Our acquisition basis was well below recent El Segundo trades of mid-rise creative office and low rise creative office, as well as Class A trades in nearby submarkets such as Santa Monica, Playa Vista and Culver City.
Prior to making this investment, our acquisitions team spent significant time conducting market research to identify submarkets best positioned to benefit from improving macro trends and office fundamentals throughout LA. Los Angeles was one of the nation’s last office markets to recover from the Great Recession, and we discovered several trends that led us to believe it was poised to deliver outsized risk-adjusted returns. It became clear to us in late 2016 that El Segundo was evolving from an office market dependent on the aerospace and defense industries, into one with broad appeal to traditional corporate tenants as well as media, technology and entertainment companies. We believed that tenant demand (and institutional capital flows) would accelerate into El Segundo, offering a unique opportunity for SOF XI to make a sizable investment in a gateway market ahead of other investors. Our original El Segundo thesis has come to fruition. Our El Segundo investments are terrific examples of how we studied a market, developed conviction, and then targeted investment opportunities directly.
U.S. SUBURBAN OFFICE PORTFOLIO
In April 2015, SOF X purchased a 6.7 million square-foot, high-quality, well-located suburban office portfolio in an off-market transaction for $1.125 billion. The vast majority of assets were located in the high-growth markets of Raleigh, Nashville and South Florida.
The portfolio at acquisition included 61 existing buildings and 57 acres of land, as well as a building under construction in Raleigh. The buildings were based in markets with minimal supply under construction, with the majority of that new construction pre-leased—thus greatly reducing the negative impact new supply might have on the portfolio. Starwood Capital’s asset management team positioned the portfolio’s assets to capitalize on strong cash flow and maximize profit by investing in high-return amenities, actively engaging tenants on early renewals and increasing rents to market levels.
The team has also taken advantage of opportunities to generate upside through early asset sales—including selling non-strategic properties for prices well above initial allocations. This investment demonstrated Starwood Capital’s ability to identify an attractive point in the cycle to enter markets that were well-positioned for growth.
LNR PROPERTY LLC
Starwood Capital has long demonstrated the ability to tackle complex investments that offer attractive risk/return potential. Such was the case when the Firm teamed up with affiliate Starwood Property Trust (NYSE: STWD) on the $1.05 billion acquisition of the largest special servicer in the U.S., LNR Property LLC , in April 2013.
While Starwood Property Trust‘s purchase of LNR greatly enhanced its expertise in the distressed marketplace and added Starwood Mortgage Capital, a commercial real estate conduit loan origination platform, Starwood Capital through an affiliated fund also acquired two important components. The first was LNR ’s Commercial Property Group, a real estate portfolio consisting of 26 assets in nine states, concentrated in land suitable primarily for single and multifamily development. The second component was an interest in Auction.com, which sells owned real estate and loans on behalf of financial institutions, corporations and individual owners. In 2014, Google Capital invested $50 million in Auction.com and committed to helping the company take advantage of its unique platform.
LNR’s position as the largest special servicer in the United States—and the named special servicer on approximately 20% of all CMBS transactions in the industry—enables it to provide unique insights into sectors and markets.
NAMA LOAN PORTFOLIO
In August 2013, SOF IX purchased—at a significant discount to par—an €809.4 million ($1.0 billion) non-performing loan portfolio from the National Asset Management Agency (NAMA), the Irish “bad bank.” Consisting of 18 loans secured by 39 Irish commercial properties, the portfolio was the first sale of Irish assets by NAMA. The pool—heavily concentrated in Dublin, Ireland’s largest and most liquid market—comprised retail, industrial and residential properties, offices, parking garages and land/development sites. The transaction highlights distressed debt experience, and it positioned us to benefit from the recovering Irish real estate market in general, and Dublin in particular.
STARWOOD LAND VENTURES
Anticipating an opportunity that would emerge following the financial crisis, the Firm in 2008 began to selectively acquire both small and large assemblages of finished and semi-finished residential lots in some of the nation’s most distressed markets that the team nonetheless believed were positioned for recovery. To pursue this strategy, Starwood Capital created Starwood Land Ventures, which teamed up on an exclusive basis with best-in-class, local residential land experts in Arizona, California, Colorado and Florida. Starwood Land Ventures on behalf of multiple funds purchased nearly 20,000 lots.
DENVER UNION STATION ASSEMBLAGE
In 2011, Starwood Capital via SOF VIII capitalized on the opportunity to form a joint venture with the master developer for the 50-acre Union Station project in Denver, Colorado—the largest transit-oriented development in the U.S. The Firm believed that Denver was poised for a resurgence, and that the Lower Downtown (LoDo) area in particular—which includes the Union Station neighborhood—was primed to emerge as the new city center. As part of the JV, SOF VIII’s partner contributed several undeveloped land parcels that were all located within steps of the historic Union Station, which has become Denver’s new transit hub.
The first building that the JV developed, One Union Station, was sold in 2014—and established a new high-water mark for Denver office pricing on a per-square-foot basis. The second, the Triangle Building, was completed in August 2015 and sold in May 2017. The third property, 16 Chestnut, was sold to an institutional core investor in June 2016, prior to the start of construction—setting a new record for the highest price per buildable square foot ever paid for land in Denver, and locking in profits without ever putting a shovel in the ground. The building was 81% pre-leased to Davita Healthcare Partners, the leading provider of kidney services in the United States.
WALKER TOWER
With its Walker Tower investment, Starwood Capital was able to position itself to capitalize on the New York City luxury condo boom. In December 2010, the team negotiated a 50% interest in a 19-story condominium complex located at 212 West 18th Street, between 7th and 8th avenues, in New York City’s stylish Chelsea neighborhood. At the time of acquisition, the Firm’s outlook for high-end luxury development in the downtown Manhattan area was extremely positive, due to decreasing supply, a stable price environment, increasing sales volumes and limited new construction.
Originally built in 1929 for Bell Telephone Company, the property was designed by Ralph Thomas Walker—named “the architect of the century” by The New York Times. Walker Tower presented an exciting redevelopment opportunity, due to its 13’6” average ceiling heights, art deco architecture, space for residential terraces, unobstructed views of the Empire State Building, Hudson River, New York Harbor and both midtown and downtown, neighborhood amenities and existing development rights. The transformation of the asset into 47 high-end residential condominiums involved a gut renovation of the entire building, as well as the construction of four additional floors.
Starwood Capital’s in-house design staff, in collaboration with the Firm’s development partners, produced what we believed to be an extraordinary product. Clearly, the market agreed with the team’s assessment—extremely high demand allowed Walker Tower to sell out at an average of $3,750 per square foot. A full-floor penthouse unit in the building sold in January 2014 for $51 million, or nearly $8,400 per square foot—setting a new record for a downtown Manhattan condominium transaction.
WESTIN HOTELS & RESORTS
In 1993, Japanese construction company Aoki Corp. was under pressure from its lenders to shed non-core operations, including Westin Hotels & Resorts. The hotel company had been struggling, and a reputation for poor operating performance had prevented it from adding new management contracts. After extensive negotiations, funds managed by Starwood Capital acquired Westin in May 1995 for $537 million. The team quickly installed a new management team to execute a strategy of operational enhancements, brand marketing and growth.
As a result of these efforts, Westin saw its managed or franchised hotels increase from approximately 70 to more than 120, before Starwood Hotels & Resorts (formerly NYSE: HOT, since merged with Marriott Hotels) purchased the business for $1.6 billion in January 1998. This transaction served as an early example of the Firm’s skill in identifying undervalued assets and enhancing operations through its asset management expertise—and helped establish the Firm as a global leader in the hospitality space.
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Starwood Capital Group
Bio
Madison Grose is a Senior Managing Director and Co-General Counsel of Starwood Capital Group. In addition, he serves as Vice Chairman, Co-General and a Senior Managing Director of Starwood Energy Group, an affiliate of Starwood Capital Group that specializes in energy infrastructure investments. Mr. Grose has served as General Counsel or Co-General Counsel of Starwood Capital Group since 1992, as a Trustee or Director of Starwood Hotels & Resorts Worldwide (formerly NYSE: HOT, since merged with Marriott Hotels) from 1994 until 2001, and as a Director of iStar Financial (NYSE: STAR), from 1999 until 2003. Prior to joining Starwood Capital in 1992, Mr. Grose was a Senior and Founding Partner with Pircher, Nichols & Meeks, a law firm specializing in complex real estate-related transactions. Mr. Grose holds a B.A. degree with distinction and highest departmental honors from Stanford University, and a J.D. from UCLA School of Law, where he served as Chief Comment Editor of the UCLA Law Review.
Madison F. Grose – Senior MD & Co-General Counsel at Starwood Capital Group
Madison Grose is a Senior Managing Director and Co-General Counsel of Starwood Capital Group. In addition, he serves as Vice Chairman, General Counsel and a Senior Managing Director of Starwood Energy Group, an affiliate of Starwood Capital Group that specializes in energy infrastructure investments. Mr. Grose has served as General Counsel or Co… More
Madison F. Grose of Starwood Capital Group Management L.l.c.
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