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Daily Real Estate News  |  April 28, 2010  |   High Rates May Spook Commercial Investors
Investors who are “tourists” in the world of real estate investment are likely to get out soon, investment guru Barry Sternlicht, CEO of the Starwood Capital Group, told an audience at the Milken Institute this week.

“Everybody is racing for yield,” he said. If interest rates rise, “you will see a pause that will take a lot of capital out.”

But the exodus still won’t result in huge discounts, he predicted, because so many investors with “mountains of cash” will still compete for attractive deals. “We were all joking that the distressed cycle lasted about two months,” he said.

Source: Bloomberg, Dan Levy and Daniel Taub (04/27/2010)

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