The founder and former chief executive of Starwood Hotels & Resorts Worldwide said he was "in shock" over plans to sell a portfolio of hotels in a deal worth $4.1bn, saying the properties could have sold for up to $800m more.

Barry Sternlicht hit out at Starwood management over yesterday's agreement to sell 38 hotels to Host Marriott. "I spent 10 years buying every one of these assets. I know what they're worth," he told the FT. "Hopefully [current] management knows what they're doing."