Do you know Barry Sternlicht? He is less well-known than other successful entrepreneurs, but his history is worth knowing. He is like an explosion right after lightning hits the ground.
He had been fired from a real estate investment company where he believed he could make a career, which was lucky for him. He used the right mindset to raise from the ashes.
I’ll explain this later at the moral of his story. Barry’s story is worth knowing and we can draw from it.
Barry was born on November 27, 1960, in New York City and co-founded Starwood Hotels and Resorts.
He is the current president and CEO of Starwood Capital Group, which he co-founded with Bob Faith, CEO of Greystar Real Estate Partners.
He started working in finance early, after graduating from Brown University and earning an MBA from Harvard Business School.
In 1983, he became an equity analyst for Lehman Brothers and two years later was hired by Goldman Sachs, where he remained until 1985.
He then founded his first company, Intellicorp Records, which was involved in the production and distribution of country music.
His investment career didn’t end there.
He left Wall Street and got a job at a real estate investment firm in Chicago. Everything seems to be fine, better than financing until he is fired due to the recession in the early 1990s.
When sometimes happens – depending on the person – as everything seems to collapse, the solution comes into focus. It is thanks to his friend Bob Faith that he decides to go on his own.
Starwood Capital Group, a private investment company based in Greenwich, Connecticut is born in 1991.
Since then the company has grown exponentially and Sternlicht has become a successful entrepreneur.
Starwood Capital Group is primarily engaged in real estate and private equity investments. The business also includes the utility sector, the energy sector, the manufacturing sector, and the media sector.
Starwood Capital Group is one of the largest real estate investment firms in the world. In 2018, it managed approximately $47 billion of third-party assets and $12 billion of its own.
The story doesn’t end there. In recent years Sternlicht has focused on the hospitality industry, with the aim of building a new business model that focuses on customer experience.
In 2016, it acquired the hotel chain Baccarat Hotels for an amount of 2.6 billion dollars and in 2017, it acquired the hotel chain 1 Hotel for an amount of 600 million dollars.
– As early as 1994, Barry’s company had acquired Westin Hotels and Resorts in a $561 million transaction made in partnership with Goldman Sachs.
– The following year, Starwood Capital Group bought Hotel Investors Trust, a struggling REIT.
– In subsequent years, Starwood Capital also acquired many shopping malls and bought stakes in other hospitality and real estate companies, including a 30% stake in YOTEL.
– In 1997, it merged with the Westin brand and, together with the hotels in the Hotel Investors Trust portfolio, Starwood Hotels and Resorts was born.
– Just a month later, Starwood acquired ITT Corporation, which brought the Sheraton brand into Starwood’s portfolio.
– At this point, Starwood’s portfolio included over 650 properties. Sternlicht then launched the W Hotels brand, which brought a new interpretation of the luxury hotel concept. W is considered the first “lifestyle” hotel brand.
In September 2016, Barry and Faith sold their company to Marriott International in a $13 billion super deal, creating the largest hotel company in the world with 30 brands and over 5,700 hotels at the time
How many times have we found ourselves with our asses on the ground? Yet, despite everything, we tried to get up and take back our life.
Perhaps this is precisely the strength that distinguishes us from others. The ability to never give up. But why do we fail? Why do we often find ourselves with our asses on the ground?
Here are some possible explanations.
We don’t have a plan: We throw ourselves headlong into an activity without planning every aspect of it. We don’t think about the competition, we don’t elaborate a business plan and often we don’t even have a clear idea of what we want to do;
We underestimate the costs: even if we have a plan, we often underestimate the costs involved in putting it into practice. We only realize when it is too late that we do not have the necessary budget to get our project off the ground.
We don’t try hard enough: sometimes a little more effort would be enough to succeed. Unfortunately, we often underestimate how much work it will take and we give up when we encounter the first problems.
The fear of failure: sometimes it is the fear of failure that blocks us. We are afraid to get involved and take risks, so we prefer to do nothing rather than try and fail.
This is a mentality that we absolutely must change if we are to be successful.
The first step to success is to admit our mistakes, learn from them and take our life back. We must never give up, even when everything seems to go wrong.
Here are some tips that could help you get your life back and never give up.
Never be discouraged: learn from every mistake you make and always look forward. Focus on your goals and what you really want to do with your life.
Plan your future: never go blindly into an activity. Plan every aspect, from the idea to the business plan, from the competition to the necessary budget.
Make sure you have a great foundation before you start.
Invest in yourself: If you want to be successful, you must be willing to invest time and money in yourself. Devote yourself to your personal and professional growth and never give up.
Be prepared to take risks: life is a continuous risk. If you want to achieve something important, you have to be willing to put yourself out there and take risks.
Always think about what you really want and follow your dreams.
Never be discouraged by the mistakes you make or the difficulties you encounter. Willpower and determination are the keys to success.
If you believe in yourself, never give up and always fight for what you believe in, then you can succeed in your goals. Never be discouraged by the mistakes you make or the difficulties you encounter.
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