Sternlicht's Starwood plans to buy Waypoint management arm-report

Sept 17 Tue Sep 17, 2013 8:24pm EDT

Sept 17 (Reuters) - Real estate mogul Barry Sternlicht's Starwood Property Trust Inc is planning to buy the management arm of Waypoint Homes Inc to expand its single-family rental business, Bloomberg reported on Tuesday, citing three people with knowledge of the deal.

Starwood last week disclosed in a regulatory filing that it signed a non-binding letter of intent to buy some assets of an operator of single-family homes, under a plan to potentially spin off its rental division. ()

Oakland, California-based Waypoint, which owns over 4,500 homes, is not selling any of its homes in the deal, the report cited one of the people as saying.

Waypoint's management will operate Starwood's housing-rental business, according to the report.

Starwood and Waypoint were not immediately available for comment on the report.

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