CNBC’s Becky Quick has an op-ed in Fortune today. She says that the problem with banks now-a-days is that they aren’t lending to small businesses.
We’ve heard that one before, but not in the context Quick puts it, which is Starwood Capital’s struggle to get a loan for one of its investments, B.R. Guest Restaurants.
BR Guest, the parent company of restuarants like Blue Water Grill, Blue Fin, Ruby Foo’s, and Dos Caminos, wants to open a 1,000-seat eatery in Rockefeller centre.
But they can’t, because only one bank will lend to them and even that loan isn’t a loan Starwood can get excited about.
And if Starwood can’t get a loan, well, damn! Everyone’s in trouble, says Quick:
[Sternlicht, Starwood’s founder] is a successful capitalist who has benefited massively from our system. If he’s lost faith in the judgment of his fellow financiers, the big banks should take heed.
We can only assume that right now all of CNBC has a hard-on for Starwood Capital. They’ve been on the morning show at least once recently (talking about a crazy night in a hot-tub) and funnily enough, as soon as we started writing this, CNBC had an alert for “Starwood Hotels” being a stock on fire right now.
As Quick writes, Starwood Capital was a key investor in Starwood Hotels.
Now check out the most exciting moment in CNBC history, when Jim Cramer saved the market last Thursday –>
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