Sternlicht’s Starwood Invests $250M in Yotel

Barry Sternlicht and Yotel at 570 10th Avenue in Manhattan

Starwood is acquiring a 30 percent stake in the company as it diversifies its hospitality portfolio amid competition from short-term rental sites like Airbnb, Skift reported. Starwood is working with the company to open hotels in Edinburgh, Glasgow and Amsterdam. Starwood’s main hotel brands include 1 Hotels and the luxury Baccarat Hotels and Resorts. [Link]