Barry Sternlicht, a former hotelier, is planning to check in to the distressed-mortgage market.

Starwood Property Trust Inc., a Greenwich, Conn., real estate investment trust Sternlicht created, filed a prospectus Friday for an initial public offering. The filing said Starwood would acquire commercial and residential loans and mortgage-backed securities from a variety of sources, including national and regional banks and the Federal Deposit Insurance Corp.

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