UPDATE 1-Starwood Capital buys stake in hotel management co

* Buys 49.9 pct stake in Hersha Hospitality Management

* Cos to pursue hotel management opportunities

June 4 (Reuters) - Private equity firm Starwood Capital has bought a 49.9 percent stake in privately held Hersha Hospitality Management to form a partnership to tap into management opportunities in the lodging space.

Starwood Capital, led by Barry Sternlicht -- founder of Starwood Hotels and Resorts (HOT.N) -- will contribute capital and deal-flow to the partnership.

Financial terms of the deal were not disclosed.

The companies will pursue select-service and full service hotel management opportunities and will also make strategic investments in turnarounds, they said in a statement.

Hersha Hospitality Management, owned by certain affiliated trustees and executive officers of lodging real estate investment trust Hersha Hospitality Trust (HT.N), manages more than 70 hotels in markets such as New York and Boston. (Reporting by Abhishek Takle in Bangalore; Editing by Maju Samuel)