Sternlicht Says Market’s Recovery ‘Doesn’t Really Feel Right’

Billionaire Barry Sternlicht said that the US economy will likely weaken even though the stock market has bounced back from President Donald Trump’s major tariff announcement in early April.

“The markets have recovered, shockingly, to pre-Liberation Day highs, but that doesn’t really feel right,” Sternlicht said Friday on an earnings call for Starwood Property Trust Inc., where he is chairman and chief executive officer. “Things like travel are clearly off.”

Sternlicht, whose company is a major lender, property owner and special servicer, warned that concerns around consumer spending could weigh on the economy. Hotel companies have been lowering guidance, ...