REDEFINING REAL ESTATE INVESTING CONFIDENTIAL INFORMATION – PROPRIETARY AND TRADE SECRET – DISTRIBUTION STARWOOD IS STRICTLY CAPITAL PROHIBITEDGROUP 1 AT A GLANCE Starwood Capital Group n A primary focus on global real estate. is a 26-year-old private n Assets under management of investment firm with: approximately $56 billion. n More than 3,600 employees in 11 offices worldwide, and over 9,000 additional employees involved with multiple portfolio operating companies. n Seasoned executive and investment committees that have worked together an average of 16 years and possess an average of 25 years of industry experience. n The investment flexibility to shift between real estate asset classes, geographies and positions in the capital stack as we perceive risk/return dynamics to be evolving. n Extensive public markets expertise, having guided IPOs for eight companies. SALESFORCE TOWER, LONDON ON THE COVER: BACCARAT HOTEL & RESIDENCES NEW YORK 2 STARWOOD CAPITAL GROUP PENTHOUSE (artist’s rendering) STARWOOD CAPITAL GROUP 3 OUR FIRM Starwood Capital Group is a private investment firm focused on real estate whose business is built upon innovation. The Firm’s creativity is its primary differentiator— and the source of its ability to unlock value on behalf of investors. That spirit of innovation goes back to the Firm’s roots in the • One of the leading providers of residential sites to the U.S. Since its inception in 1991, the Firm has raised over depths of the savings & loan crisis of the early 1990s. At that time, homebuilding industry—Starwood Land Ventures, with nearly Chairman & CEO Barry Sternlicht founded Starwood Capital to 20,000 lots acquired (now Starwood Land Advisors). $44 billion of equity capital and currently has capitalize on the unique opportunity to acquire non-performing • An innovative hotel management company, SH Group, that is loans and real estate assets from the U.S. government-owned introducing the 1 Hotels and Baccarat Hotels & Resorts brands to approximately $56 billion of assets under management. Resolution Trust Corp. By purchasing several thousand multifamily the market. units at a significant discount to replacement cost—in distressed • One of the United Kingdom’s leading hotel operators markets that he believed were poised for recovery—Mr. Sternlicht Over the past 26 years, Starwood Capital has acquired (The Principal Hotel Company), with over 35 properties under established an investment template that Starwood Capital management. over $88 billion of assets across virtually every major continues to follow to this very day. In its pursuit of the most compelling opportunities globally, real estate asset class,1 including: In the 26 years since its inception, Starwood Capital has Starwood Capital has invested in more than 30 countries, ranging grown into a diversified investment company that today from the Americas to Europe to Asia. Highlighting Starwood encompasses more than 3,600 employees, and over 9,000 Capital’s international commitment and ability to shift geographies OFFICE: 78 million square feet employees involved with multiple portfolio operating companies. to capitalize on market dislocations, the Firm made the strategic The Firm and its affiliates maintain offices in Amsterdam, decision in 2011 to enhance the Firm’s longstanding presence in APARTMENTS/CONDOS: 170,000 units Atlanta, Chicago, Greenwich, Hong Kong, London, Luxembourg, Europe—in anticipation of a prolonged recovery across the region— Los Angeles, Miami, San Francisco and Washington, D.C. by relocating the Firm’s Global Head of Acquisitions to London. RETAIL: 54 million square feet Starwood Capital also relocated a Managing Director who sits on the Throughout its history, the Firm has created a number of market- Firm’s Investment Committee to Luxembourg to oversee all European HOTELS: 2,900 leading platforms to enhance operational efficien cies and investments in Starwood Capital funds. maximize the value of its investments. These platforms include: RESIDENTIAL: 50,000 lots • One of the world’s largest public hotel companies—Starwood Reflecting the success of its investment activities, Starwood Capital Hotels & Resorts (formerly NYSE: HOT, since merged with and its professionals have received numerous industry accolades INDUSTRIAL: 40 million square feet Marriott Hotels). over the years. Leading industry publication PERE recognized Starwood Capital’s strengths in 2016 by giving Barry Sternlicht their • Two of the biggest commercial mortgage finance companies in LOANS: inaugural Lifetime Achievement Award. This followed the 2015 3,500 the United States—Starwood Property Trust (NYSE: STWD) and awards which presented Starwood Capital with numerous honors iStar (NYSE: STAR). OPERATING COMPANIES: 30+ including: • One of the largest collections of multifamily apartments in the • North American Firm of the Year. United States, with approximately 85,000 units currently under • European Firm of the Year. management. • Global Industry Figure of the Year. • One of the largest portfolios of select-service hotels in the • North American Industry Figure of the Year. United States, with a current portfolio exceeding 500 properties. • North American Deal of the Year. • One of the largest homebuilders in the United States— TRI Pointe Homes (NYSE: TPH). From the introduction of the Westin Hotels’ Heavenly Bed and Starwood Preferred Guest program, to the development of hotel • One of the leading regional mall operators in the United States— brands inspired by nature (1 Hotels) and an iconic French crystal Starwood Retail Partners, which currently manages more than maker (Baccarat Hotels & Resorts), Starwood Capital has always 28 million square feet of retail space. challenged the conventional wisdom in its pursuit of value around • One of the largest publicly traded owners and operators of the world. We invite you to partner with us as we continue… single-family rental homes in the United States—Starwood Waypoint Homes (formerly NYSE: SFR, since merged with Redefining Real Estate Investing. Invitation Homes). 1 Data4 STARWOOD throughout as CAPITAL of Sept. GROUP30, 2017 STARWOOD CAPITAL GROUP 5 STARWOOD CAPITAL HISTORICAL HIGHLIGHTS Starwood Opportunity Starwood Global Opportunity Fund VIII (SOF VIII) closes at $1.83B Starwood Waypoint Residential Trust Starwood Capital, via an Fund IV (SOF IV) Hôtel du Louvre, Paris, Hotel I, SOF VII and Barry Sternlicht launches SDL Co-Invest (NYSE: SWAY), one of the largest affiliate, acquires a majority closes at $830M Starwood Capital owners of single-family rental homes of the distressed senior debt Starwood Capital funds complete the Starwood Capital Global Hospitality Fund II in the U.S., goes public of Hotel Investors Trust, thus Starwood Opportunity Fund V $3.2B acquisition of Groupe Taittinger (Hotel II) closes at $965M setting the stage for the Firm’s (SOF V) closes at $516M and Société du Louvre emergence as a global leader Starwood Capital, via an affiliate, makes the first in the hospitality space Starwood Hotels & Resorts in a series of acquisitions of leading regional Mr. Sternlicht returns to China Life, China’s largest life insurance company, Worldwide is added to the malls in the U.S., and creates Starwood Retail Starwood Capital full time along with some major sovereign wealth funds and S&P 500 Index Partners to manage the portfolio as Chairman and CEO insurance companies invest with Starwood Capital in approximately $3.3B of U.S. select-service hotels Starwood Energy Starwood Mezzanine Starwood Capital, via an affiliate, Mosaic II, Houston, SOF VIII and CB Co-Invest Infrastructure Fund II Investors closes at $220M takes National Golf Properties Starwood Capital funds acquire Corus (SEIF II) closes at $983M (NYSE: TEE) private Starwood Capital via SOF I/IA contribute the Bank’s $4.5B face-value loan portfolio Starwood Capital, via SOF VIII, goes public with majority of their multifamily Leo Burnett Building, from the FDIC in one of the government’s an affiliate, makes Chicago, SOF IV Starwood Capital Opus Bank (NASDAQ: OPB), Starwood Waypoint portfolio to Equity largest distressed debt transactions the first in a series of funds acquire a leading regional real Residential Trust Residential (NYSE: EQR)— during the Great Recession acquisitions that will Principal Hayley, estate lender merges with Invitation which goes on to become First W Hotel establish the Firm opens in New York as one of the largest which the Firm Homes, creating the the largest publicly traded The Visionaire, developed operators of select- subsequently merges largest single-family apartment owner in the U.S., by Starwood Capital via an service and extended- with Four Pillars and Starwood Global landlord in the U.S. with Mr. Sternlicht serving affiliate, becomes Manhattan’s stay hotels in the U.S. De Vere Venues to Opportunity Fund X on its Board of Directors first Platinum LEED-certified National Golf Ruffled Feathers Golf Course, create a leading U.K. (SOF X) closes Lemont Illinois, SOF VI condominium project 805 Third Avenue, New York, hotel platform at $5.6B Starwood Mezzanine 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Starwood Capital Starwood Energy Group, via an affiliate, Starwood Capital purchases Westin Starwood Capital Starwood Energy completes the Starwood SSM Project—one funds acquire Milestone Starwood Opportunity Hotels & Resorts and Starwood Opportunity Hospitality Fund I Infrastructure of the largest solar power