Real estate billionaire Barry Sternlicht says the storm heading for the sector is unavoidable - and recession is coming despite soft landing talk

Thu, 07/27/2023 - 10:06

Barry Sternlicht, Chairman and CEO of Starwood Capital Group, speaks at the 2014 Milken Institute Global Conference in Beverly Hills, California April 28, 2014. REUTERS/Lucy Nicholson — Barry Sternlicht speaks at the 2014 Milken Institute Global Conference in Beverly Hills
Thomson Reuters

The economy is in trouble due to the Fed's aggressive monetary tightening, according to Barry Sternlicht.
The billionaire Starwood CEO predicted a coming recession and "Category 5 hurricane" in the real estate sector.
His view is less upbeat than the predictions of a soft landing that have been growing in recent weeks.

A storm is headed for the real estate sector, and a recession is coming despite growing talk of a soft landing, according to real estate billionaire Barry Sternlicht.