April 1, 2010 / 6:44 AM / 9 years ago

Starwood raises $2.8 billion for real estate funds: report

(Reuters) - U.S. private equity firm Starwood Capital Group has raised about $2.8 billion for two real estate funds that will focus on distressed properties, Bloomberg said, citing a person familiar with the effort.

The Starwood Global Opportunity Fund VIII, which will target distressed debt and properties, has raised more than $1.8 billion. The Hospitality Fund II, which will invest in hotels, raked in almost $1 billion, the agency said.

Starwood, led by real estate developer Barry Sternlicht, had in the past raised about $10 billion of equity for 11 funds and other investments, the agency said.

The firm plans to invest much of the fresh capital in the United States, targeting distressed borrowers, lenders and banks taken over by the Federal Deposit Insurance Corp, the agency said.

Starwood Capital was founded in 1991. Since its inception, the private investment firm has completed more than 300 transactions representing assets in excess of $20 billion.

Starwood could not be immediately reached for comment by Reuters outside regular U.S. business hours.

Reporting by Sakthi Prasad in Bangalore; Editing by David Cowell

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