March 24 (Bloomberg) -- Barry Sternlicht’s Starwood Capital Group LLC, the investment firm that’s raising a $1.5 billion real estate fund, is trying to take over ailing Las Vegas casino-owner Riviera Holdings Corp. four years after a bid he backed was shot down by shareholders.
Starwood Capital, along with “some friends,” bought control of Riviera’s first mortgage for about 50 cents on the dollar and is leading creditors negotiating a pre-packaged bankruptcy, Sternlicht said on a conference call with potential investors. Riviera, which owns a Colorado casino in addition to the 55- year-old Las Vegas resort, defaulted on a $245 million loan in February 2009.
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