In 2005, when Barry Sternlicht left Starwood Hotels and Resorts Worldwide, a company he founded and turned into one of the world?s largest hotel chains, few people might have thought that he would be returning to the industry less than two years later. And in such a splashy way.

But Mr. Sternlicht has done just that, with not one but three new hotel brands: Baccarat Hotels and Resorts, ?1? Hotels & Residences and Crillon. All three are held by the Starwood Capital Group Global, a real estate private equity firm that Mr. Sternlicht also started. (It is unrelated to Starwood Hotels and Resorts.)

?It?s an area I obviously know,? said Mr. Sternlicht, perhaps best known for creating the W Hotels brand while serving as chief executive of Starwood Hotels and Resorts. ?I don?t need to do this. I do it because I enjoy it.?

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