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Starwood founder resigns

06 May 2005

Starwood Hotels and Resorts Worldwide's founder Barry Sternlicht has resigned as executive chairman of the company and from the board of directors.

Sternlicht said that having seen the company through its initial transition period, he now intended to spend more time at his private real estate investment company Starwood Capital, which manages $5b (£2.6b) of assets.

"Eighteen months ago, I made the decision to reduce my involvement in the company to spend more time with my family and focus on my other business interests. I remain committed to the company emotionally, spiritually and financially," he said.

Sternlicht started the company in 1995 when he bought Hotel Investors Trust, which was valued at less than $10m (£5.3m). Starwood Hotels and Resorts is now the world's largest hotel company valued at more than $15b (£8b).

Director Bruce Duncan will take over as the hotel company's chairman and Sternlicht will become founder and chairman emeritus.

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