'It was built for hyper growth and that is too capital intensive,' says the Starwood Capital founder.
Real estate mogul Barry Sternlicht told CNBC on Friday that while WeWork has had its failures, there's still a real business to be found at its core.
"This company got a little off of the rails," said Sternlicht, chairman and CEO of investment firm Starwood Capital, which has about $60 billion in assets under management. But he still think's "it's a real company."The office-sharing company revealed a $900 million loss in its prospectus; pulled its initial public offering after concerns about a falling valuation and its corporate governance structure; and fired its CEO and top stakeholder Adam Neumann.
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