Zell sees spring housing market recovery -- CNBC
NEW YORK Feb 26 (Reuters) - Billionaire investor Sam Zell, sees a U.S. housing market recovery this spring, he said on CNBC on Tuesday.
"I think starts have already pretty much bottomed out," Zell said. "I think the housing market this spring will begin its recovery phase."
Last year Equity Office Properties, a real estate investment trust founded by Zell, was sold to the Blackstone Group (BX.N) for $23 billion in one of the largest-ever leveraged buyouts.
Zell went on to lead the buyout of Tribune Co., publisher of the Chicago Tribune and owner of the Chicago Cubs baseball team, for $8.2 billion.
"We intend to sell the Cubs on our time frame and in the manner in which we choose," Zell said on CNBC. "The idea of a debate occurring over what I should do with my asset leaves me somewhat questioning the integrity of the debate."
Zell is working on a deal to separate the team from its Wrigley Field stadium. He added that while the newspaper business was not flourishing, he did not see its demise. (Reporting by Jonathan Keehner; Editing by Derek Caney)
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