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Starwood closes two funds at a combined USD2.8bn

Starwood Capital Group has closed an aggregate USD2.8bn for its two newest funds: Starwood Global Opportunity Fund VIII at over USD1.8bn and Starwood Capital Global Hospitality Fund II at USD965m.

Starwood Global Opportunity Fund VIII is the largest fund ever raised by Starwood in its 19-year history.

The closing of the funds brings Starwood’s total capital raised since January 2009 to more than USD4.4bn, including the closing of Starwood’s Debt Fund II, the public offering of Starwood Property Trust and a co-invest pool of capital raised for the Starwood-led consortium’s acquisition of the Corus Bank assets from the FDIC.

"We are very pleased to have raised more than USD4.4bn of capital over the past 15 months," says Barry Sternlicht (pictured), chairman and chief executive officer of Starwood Capital Group. "We believe this is a testament to our experienced and disciplined team that has been together for more than a decade. Our conservative investment discipline led us to dramatically decrease our investment pace between 2005 and 2008 as the markets became overheated. In 2009, however, we returned to the markets aggressively and have since invested nearly USD1.5bn of total equity capital across all of our investment vehicles."

Starwood today manages approximately USD16bn of assets across three businesses, with a primary focus on its private real estate funds.

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