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- Commercial real estate is in a "Category 5 hurricane" from rate hikes, Barry Sternlicht said.
- "It's sort of a blackout hovering over the entire industry," the billionaire investor told Bloomberg.
- Sternlicht's Starwood Capital Group defaulted on a $200 million office mortgage.
The commercial real estate industry is in a "Category 5 hurricane" from the the Federal Reserve's interest rate hikes, according to billionaire investor Barry Sternlicht.
"We're in a Category 5 hurricane," the Starwood Capital Group CEO said during an episode of "Bloomberg Wealth with David Rubenstein."