Billionaire Barry Sternlicht is worried about America's regional and community banks.
Sternlicht told CNBC that banks may bear the consequences of the real estate crisis.
AdvertisementBillionaire Barry Sternlicht offered an ominous prediction about America's regional banks amid a coming commercial real estate reckoning.
The Starwood Capital Group CEO told CNBC on Tuesday that he thinks real estate's primary lenders — regional and community banks — could soon be bearing the brunt of high interest rates and inflation.
"You're going to see a regional bank fail every day, or not — every week, maybe two a week," Sternlicht said.
Persons:
Barry Sternlicht, Sternlicht, —
Organizations:
CNBC, Service, Starwood Capital, Business