188bet mobile login, the world’s second largest in terms of financing in the past five years，SCG) was established in 1991，Is a professional real estate fund management company，In the past five years, a total of US.6 billion in private equity real estate funds have been raised，Ranked 2nd in 2015 PERE Top 50，Second only to Blackstone。

In the past 24 years，188bet mobile login Group has acquired a total of US billion in assets，Current total assets under management US billion，Owned or managed assets include 84,000 apartments、55 million square feet of office space、50 million square feet of retail property、2500-seat hotel、49,000 residential lots, etc.。

188bet mobile login’s current business lines mainly consist of the following parts:

1) Global Opportunistic Real Estate Investment，The group has launched a total of 13 private real estate funds，Includes 9 opportunity funds，2 188bet mobile login funds，2 real estate debt investment funds。

2) Investment in normal performing real estate debt (Performing Real Estate Debt)，Different from the group’s private real estate debt investment funds that mainly invest in non-performing assets，188bet mobile login invests through Starwood Property Trust (NYSE: STWD), a commercial real estate mortgage REITS company it manages, and Starwood European Real Estate Finance (LSE: SWEF), a commercial real estate mortgage investment fund listed on the London Stock Exchange. Commercial real estate mortgage loans in normal performance，As of the end of 2014，These two listed companies have completed a cumulative investment of more than 18 billion US dollars。

3) Hotel Management Group，1990s，188bet mobile login has created the world's largest hotel management group Starwood Hotels through a series of mergers, acquisitions and brand integration & Resorts Worldwide (NYSE: HOT)；After successful exit from Starwood Hotels Group，188bet mobile login established a new hotel management group SH Group in 2011，Currently SH Group has two new hotel brands，Eco-friendly style hotel 1 Hotels and luxury hotel Baccarat。

4) Retail property investment，Starwood Retail Partners sponsored and managed by 188bet mobile login，Managed 29 community business centers in the United States，Total leasable area 2,7 million square feet，Total market value of more than 6 billion US dollars。

5) Mortgage loan securitization service provider，188bet mobile login, through its managed REITS company STWD’s subsidiaries LNR Property LLC and Hatfield Philips, provides CMBS (Commercial Mortgage-Backed Securities) in the U.S. and European markets，Commercial real estate mortgage-backed securities) provide special services in the event of debt default。

6) Residential business，During the financial crisis，188bet mobile login acquired a large number of non-performing assets in the residential sector，And established 3 companies based on this，ie，Starwood Land Ventures，The company has acquired over 60 communities in 17 states in 3 US states,000+ residential lots；TRI Pointe Homes, a residential development company (NYSE: TPH)，The company was listed on the New York Stock Exchange in 2013，Currently focusing on the residential development market on the West Coast of the United States；and Starwood Waypoint Residential Trust (NYSE: SWAY), which operates single-family rental properties，It is an independently listed REITS company that was spun off from Starwood Property Trust (NYSE: STWD) in 2014，Currently there are more than 7,000 single-family homes available for rent or sale。

7) Real estate securities investment，In 2004, 188bet mobile login established Starwood Real Estate Securities (SRES)，SRES is mainly engaged in real estate securities investment business，It is an investment adviser registered with the SEC，And launched the first real estate securities hedge fund Dirigo in 2005。

8) Energy infrastructure business，2008，188bet mobile login has established an energy division，Starwood Energy Group focuses on investment in production and transmission equipment of natural gas and renewable energy，188bet mobile login has raised a total of US.3 billion through its two energy infrastructure funds，Completed investment transactions worth US billion。

9) Oil and gas resources investment，Newly established 188bet mobile login Oil & Gas as an extension of the Energy Division，Will focus on oil and gas resource investment in North America。

In summary，188bet mobile login’s business scope today has extended to energy、Infrastructure、Hedge funds and other fields，But as the world’s second largest real estate fund after the Blackstone Group in terms of raised funds in the past five years，The most attractive thing about 188bet mobile login is its real estate investment business。

As of March 2015，The group has completed the raising of 13 real estate funds in total，Includes 9 global investment opportunity funds、2 hotel special funds、2 real estate debt investment funds，Only one fund suffered a loss，ie，The No. 7 Fund (SOF VII) that entered the investment period in 2005，As of the end of 2014，The investment value of this fund is 25% lower than the initial investment cost。The 188bet mobile login Hotel No. 1 Fund (Hotel I), which entered the investment period at the same time，Although it suffered losses once，But as of the end of 2014，Has turned a profit，Cumulative asset appreciation rate 7%。

actually，Starwood Capital’s hotel assets-based funds or hotel-specific funds have always performed better，The internal rate of return ranked in the first or second quartile among global private real estate funds during the same period；The group’s opportunistic funds focus on investment in residential or other fields，shows large performance fluctuations，Therefore，The professional advantage of the hotel industry has become a major feature that distinguishes 188bet mobile login from other real estate funds。

Creating the world’s largest 188bet mobile login management group

How was the myth of 188bet mobile login Hotel Group created?

Speaking of 188bet mobile login，Domestic investors may not be familiar with it，But most of them have heard of Starwood Hotels & Resorts Worldwide）。Starwood Hotels Group is the world’s largest hotel management group，As of December 2014，Managed more than 1,200 hotels，Owned by Westin、Sheraton、Four Points、Luxury Collection、W Hotel、Regis、Aimee、Aloft、Element、Tribute’s top ten hotel brands。But why is Starwood Hotel Management Group called "Starwood"？What is its connection with 188bet mobile login？

Actually，Although Starwood Hotel Management Group is famous，But its history is not long，Its establishment can be traced back to the establishment of 188bet mobile login No. 2 Fund in 1993。188bet mobile login was founded in 1991，Earned the first pot of gold through the acquisition of distressed assets in the residential sector，1993，188bet mobile login launched the second fund, Starwood Opportunity Fund II (SOF II)，Raising funds 1.US>304_word_end<.2 billion。With the support of Fund No. 2，1994，188bet mobile login acquired most of the distressed debt of Hotel Investors Trust (HOT), a hotel REITS company on the verge of bankruptcy，And put all the hotel assets held by its No. 1 Fund and No. 2 Fund into the listed company HOT，In exchange for 75% of the equity of HOT company，After the reorganization, HOT holds a total of 47 hotel interests，Became the largest hotel REITS company in the United States at that time，Thus laid the foundation for the birth of Starwood Hotel Group (the stock code of Starwood Hotel Management Group today still uses HOT)。

1995，188bet mobile login’s funds have joined forces with Goldman Sachs Group to 5.Buy the Westin hotel brand from a Japanese company for US.7 billion。Afterwards，188bet mobile login changes Westin’s management team，And re-plan Westin’s brand image and market positioning，In more than two years，The number of hotels under the Westin brand has increased from 70 to more than 120。In January 1998, when related persons of 188bet mobile login abstained from voting，HOT’s shareholders overwhelmingly approved the resolution to acquire Westin Hotel Group for US.6 billion。With the Westin brand as the core，HOT was reorganized into Starwood Hotels & Resorts Worldwide，And Barry S, the founder of 188bet mobile login. Sternlicht becomes the new CEO of Starwood Hotel Management Group。

After Westin，1998，188bet mobile login Hotel Group acquired ITT Sheraton for a total price of US.6 billion，Get Sheraton、Four Points by Sheraton、The three major hotel brands of The Luxury Collection。By mid-1998，HOT’s market value has risen from US million when it was first acquired in 1994 to US billion。

Under the leadership of Barry Sternlicht，Starwood Hotel Group has not only achieved scale expansion through brand acquisitions，Also created a series of new concept hotels，Including the luxury boutique hotel brand W Hotel created in 1998 and the luxury hotel brand St. Regis (St created in 1999.Regis），Among them，W Hotels is regarded as one of the most successful hotel brands。As the founder of Starwood Hotel Group，Sternlicht himself served as CEO of the hotel group until 2004，After that, he began to fully return to the investment business of 188bet mobile login，Focus on the management of real estate funds。

But he still maintains close cooperation with Starwood Hotel Group，2005，With the help of 188bet mobile login，Starwood Hotel Group has added a new brand member，ie，Le Meridien in France。Le Méridien Hotel Group was founded in 1972，Changed hands several times since then，Le Meridien Hotel Group, which was in deep financial difficulties by 2001, was acquired by Nomura Securities，December 2003，Lehman Brothers buys the senior mortgage portion of Le Méridien Hotels，However, due to high debt，Aimei Group, which has lost its ability to invest, is facing the pressure of debt default。2005，Lehman found 188bet mobile login，Both parties decided to join hands to buy the ownership of Le Meridien Hotel，And help them restore their investment capabilities。Trading，Starwood Hotel Management Group purchased the brand and management contract of Le Meridien Hotel，188bet mobile login teamed up with Lehman Brothers to buy the ownership of 32 luxury hotels under Le Méridien。As of 2014，188bet mobile login has sold ownership of 30 of the hotels；However, these hotels will still be managed by Starwood Hotels Group，And globally，The hotels under the Le Méridien brand have expanded to more than 130。

Building the next 188bet mobile login Hotel Group

Barry Sternlicht, who left Starwood Hotel Group, always hoped to create another Starwood。After returning to 188bet mobile login，Sternlicht launched two real estate funds in 2005，ie，Starwood Global Opportunity Fund VII，SOF VII) and Starwood Capital Hospitality Fund I，Hotel I）。Among them，Fund No. 7 focuses on opportunistic investments in the real estate field，Raising funds 14.USD 7.5 billion；The Hotel No. 1 Fund focuses on opportunistic investments in the hotel field，Raised US0 million。

With the support of No. 7 Fund, Hotel No. 1 Fund and three co-investment funds (SDL Co-invest Funds)，In 2005, 188bet mobile login acquired the French Groupe Taittinger and Société du Louvre (SDL) for a total price of US.2 billion，The group owns 14 top hotels and 800 budget hotels，And a champagne brand (Taittinger)、A crystal brand (Baccarat) and a perfume brand (Annick Goutal)。

Shortly after acquisition，188bet mobile login transferred its champagne and perfume brands，And separate and sell luxury hotel assets，For example, in February 2013, Starwood Capital sold SDL's four luxury hotels in France to a hotel group affiliated with Qatar's sovereign fund for 700 million euros，Previously，Starwood Capital has also sold many luxury hotels to Saudi Arabia、Investors from Israel and other places。As of February 2013，Starwood Capital has raised more than billion in funds through the spin-off and sale of SDL assets。For the budget hotel brand Louvre Hotel Group in SDL’s portfolio，188bet mobile login is committed to operational improvement and market share expansion，After 10 years of operation，By 2015，Louvre becomes the second largest hotel management group in Europe，It manages more than 90,000 rooms in 1,100 hotels。March 2015，188bet mobile login sold Louvre to China’s Jinjiang Hotel Management Group for 1.3 billion euros，Thus further enhancing the investment value of Fund No. 7 and Hotel No. 1 Fund。Among them，Hotel Fund has successfully achieved profitability at the end of 2014，Although the current absolute return is not high，But it has exceeded the return rate of most funds issued in the same period (real estate funds that entered the investment period in 2005，Because the investment period coincides with the peak valuation of the European and American real estate markets，And then the financial crisis caught up with it，So，Most funds are in losses，As of the end of 2014，The average return on investment is zero)。

To this point，With the exception of a few luxury hotels in France，Most of the assets have been sold separately or sold as a whole，The only remaining crystal manufacturing brand with a history of 150 years, Baccarat。The reason why Baccarat should be retained，Because Barry Sternlicht wanted to borrow its historical accumulation and crystal concept as the brand name of the luxury hotel under his newly established hotel management group SH Group。In 2010, 188bet mobile login launched the No. 8 Fund (SOF VIII) and the Hotel No. 2 Fund (Hotel II)，Raised 18 funds respectively.0 million and 9.USD 6.5 billion。With the support of No. 8 Fund and Hotel No. 2 Fund，The group purchased two prime properties in Manhattan in 2011，One of the properties was converted into high-end apartments and SH Group’s first Baccarat hotel，The other location will be transformed into an environmentally friendly hotel，And managed by 1 Hotels, another hotel brand under SH Group。

After 4 years of preparation，Baccarat New York Hotel was grandly opened in March 2015，The hotel has 114 rooms in total，The average room price is about 900-1000 US dollars per night，The presidential suite reaches 1.USD 80,000/night。And before opening，February 2015，188bet mobile login has transferred the ownership of this hotel to 2.Sold to China’s Sunshine Insurance Group for a total price of US0 million，The average price per room is more than 2 million US dollars，The sale price was evaluated as a record price by CNBC，Because the average market value of hotel rooms in the United States in 2014 was only 0,000 per room。SH Group will still manage this hotel for a long time after the acquisition。The second one under the Baccarat brand、The third hotel is also under preparation，The second hotel will be located in Morocco，The third one is in Dubai，Starwood Capital has begun looking for investor support for the Baccarat Hotel in the Middle East。The first hotel of 1 Hotels, another hotel brand under SH Group, also settled on the Miami Beach in 2015，The second 1 Hotels hotel located on the Brooklyn Bridge in New York is also about to open。

It’s not hard to see，188bet mobile login hopes to build SH Group into the next Starwood Hotel Group。With the realization of the value of hotel assets such as Baccarat，Starwood Capital Fund No. 8 and Hotel Fund No. 2 have completed 90% of the investment，The investment value has appreciated by 64% and 42% respectively compared with the initial investment cost，Net internal rates of return reached 17% and 14% respectively，Both are higher than the median level of real estate funds in the same period，Among them，Fund No. 8 ranks among the top quarter of the industry (first quartile)。

From luxury 188bet mobile login to limited service 188bet mobile login

April 2013，188bet mobile login launched the Starwood Distressed Opportunity Fund IX (SOF IX)，Raised US.2 billion，No.9 Fund focuses on investment opportunities in the field of non-performing assets；March 2015，Starwood Capital takes another step forward，Completed the raising of the No. 10 Starwood Global Opportunity Fund (SOF X)，Raised a total of US.6 billion，Compared to the previous funds，Fund No. 10 will pay more attention to investment opportunities in the European market。

With the support of No.9 and No.10 funds，July 2013，Starwood Capital with 7.Buyed the serviced apartment platform InTown Suites 6 for US.5 billion.>354_word_end<.9 billion in mortgages and ownership，At that time, InTown Suites was over-indebted due to rapid expansion before the crisis、In financial trouble。May 2015，188bet mobile login purchased another 50 affordable serviced apartments from another private equity fund，Expands the number of serviced apartments held by InTown Suites to 189 buildings、Total 24,154 rooms，Thus becoming the largest economical hotel apartment company in the United States。

Also，With the support of the above two funds，Starwood Capital also acquired TMI Hospitality for .2 billion in January 2015，Acquired 181 limited service hotels；Before this the group already owned 115 limited service hotels，After acquisition，The total number of limited-service hotels under 188bet mobile login will exceed 300，Thus building the largest limited-service hotel platform in the United States，Future，The group is planning to spin off this limited service hotel platform。

In the UK，188bet mobile login in February 2013 with 5..3 billion acquired 22 dame-style hotels and a London conference center，Added 3768 hotel rooms and 500 conference rooms。Use this as a platform，188bet mobile login acquired 5 hotels from Four Pillars Hotels and 23 hotels from De Vere Venues in January and March 2014 respectively，Bringing the number of rooms on the UK hotel platform to over 7,000 rooms，Also nearly 900 meeting rooms。2015，188bet mobile login acquires another five-star hotel in Glasgow and a landmark hotel in Edinburgh，And assign the above hotels to a new chain brand，To build the British hotel chain Principal Hotel Group。

Anyway，With the support of No.9 Fund and No.10 Fund，188bet mobile login has begun to build its own chain brand of limited service hotels and economical serviced apartments，And expanded the scale of overseas investment。corresponding，No.9 Fund completed 70% of its investment in less than two years，Investment assets have appreciated by 33% cumulatively，And distributed an income equal to 20% of the invested capital。From a historical perspective，The company’s hotel funds and funds focusing on hotel investment have achieved better investment performance than peers。

As opposed to，188bet mobile login Opportunity Fund V (SOF V) and 188bet mobile login Opportunity Fund VI (SOF VI) launched by the company in 1999 and 2002，Due to the influence of the founder Sternlicht who also served as CEO of 188bet mobile login Hotel Management Group during this period，But cannot invest in related assets in the hotel field，Can only invest extensively in office buildings、Shopping Mall、Residential、Apartment、Golf courses and other assets，Poor performance as a result。Among them，Fund No. 5, which entered the investment period in 1999, had a net internal rate of return of 10%, lagging behind the median level of real estate fund investment returns in the same period (14%)，Fund No. 6, which entered the investment period in 2002, ranked in the bottom quarter of real estate funds in the same period。

Visible，The advantages of industry specialization in the hotel field are crucial for 188bet mobile login to obtain high investment returns。In addition to a strong management team in the hotel field，In recent years, 188bet mobile login has also been building its own retail properties、Residential Development、Industrial real estate management team，Starwood Retail Partners, a retail property management platform, was established for this purpose，Founded the residential development company TRI Pointe Homes，Acquired single-family home rental management company Waypoint Homes，And jointly established the European industrial real estate investment platform MStar Europe with the European asset management company M7。

It is true，The specialization advantage in the hotel field limits the industry diversification of 188bet mobile login’s investment portfolio to a certain extent，But it gives its funds stronger investment capabilities in market segments；And relative to other investors，In Crisis，Starwood Capital dares to take over non-performing assets in the hotel field that have been abandoned by other investors，So that you can obtain investment opportunities at a lower cost，Create higher profits。