Starwood Capital goes skiing
Starwood Capital, the investment arm of property mogul Barry Sternlicht, has completed a $365m (£207m) deal to buy the Mammoth Mountain Ski Area in north California.
Starwood will upgrade the 4,000-acre ski resort, which consists of motels, condos and small malls, into a combination of mixed-brand boutique and large hotels, hip restaurants and new residential and entertainment experiences over five years.