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Starwood Lodging Trust

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BUSINESS
June 27, 1994 | From Times Staff and Wire Reports
Local Realty Trust to Merge: Starwood Capital Group of Westport, Conn., said it has agreed to trade an unspecified number of its hotels for controlling stakes in Los Angeles-based Hotel Investors Trust and its affiliate, Hotel Investors Corp. The real estate investment trust will be renamed Starwood Lodging Trust, and Hotel Investors Corp. will be renamed Starwood Lodging Corp.
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BUSINESS
November 8, 1997 | From Times Wire Services
Starwood Lodging Trust on Friday raised its offer for ITT Corp. to $85 a share and added more cash, hoping to sway investors ahead of Wednesday's showdown with rival suitor Hilton Hotels Corp. The real estate investment trust will give ITT shareholders a choice of all stock or as much as $25.50 a share in cash, up from $15. The increased amount of cash is crucial because some investors favor Hilton's offer of $80 a share, of which $44 is cash.
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BUSINESS
July 28, 1997 | Bloomberg News
Starwood Lodging Trust, the nation's largest hotel real estate investment trust, may agree to buy Westin Hotels & Resorts this week, people familiar with the talks said. Seattle-based Westin could fetch as much as $1.5 billion in a sale, analysts said. Buying Westin would give Starwood Lodging a well-known upscale hotel brand to affix to its string of more than 100 hotels. Starwood Lodging wants its own brand to save costly franchisee fees it pays for other hotel flags.
BUSINESS
November 4, 1997 | JESUS SANCHEZ, TIMES STAFF WRITER
Breathing new life into its takeover offer, Hilton Hotels Corp. on Monday sweetened its bid to acquire ITT Corp. to about $12.8 billion, putting rival suitor Starwood Lodging Trust under pressure to raise its bid, industry analysts said. The new Hilton offer comes a little more than a week before the fate of ITT, which owns Sheraton hotels and Caesars Palace in Las Vegas, is determined at its annual shareholders meeting in New York.
BUSINESS
November 8, 1997 | From Times Wire Services
Starwood Lodging Trust on Friday raised its offer for ITT Corp. to $85 a share and added more cash, hoping to sway investors ahead of Wednesday's showdown with rival suitor Hilton Hotels Corp. The real estate investment trust will give ITT shareholders a choice of all stock or as much as $25.50 a share in cash, up from $15. The increased amount of cash is crucial because some investors favor Hilton's offer of $80 a share, of which $44 is cash.
BUSINESS
November 4, 1997 | JESUS SANCHEZ, TIMES STAFF WRITER
Breathing new life into its takeover offer, Hilton Hotels Corp. on Monday sweetened its bid to acquire ITT Corp. to about $12.8 billion, putting rival suitor Starwood Lodging Trust under pressure to raise its bid, industry analysts said. The new Hilton offer comes a little more than a week before the fate of ITT, which owns Sheraton hotels and Caesars Palace in Las Vegas, is determined at its annual shareholders meeting in New York.
BUSINESS
September 10, 1997 | From Times Staff and Wire Reports
Starwood Lodging Trust on Tuesday said it had agreed to buy Westin Hotels & Resorts for $1.57 billion in cash, securities and assumed debt, the latest takeover to hit the hotel industry as it enjoys record profits. The combination would create the world's third-largest hotel company, with 219 hotels in 38 states and 23 countries and more than $4 billion in annual revenue.
BUSINESS
October 21, 1997 | JESUS SANCHEZ, TIMES STAFF WRITER
In a dramatic bid to foil a hostile takeover by Hilton Hotels Corp., ITT Corp. on Monday agreed to be acquired by fast-growing Starwood Lodging Trust in a $13.3-billion deal that could create the world's largest hotel company. Beverly Hills-based Hilton--whose chief executive, Stephen Bollenbach, has led a tenacious, nine-month battle for ITT--would risk undermining its financial health if it tried to top Starwood's bid, according to industry analysts.
BUSINESS
November 27, 1997
Hilton Hotels Corp.'s debt ratings were cut a notch by Standard & Poor's Corp., which said the Beverly Hills company's attempt to take over ITT Corp. showed its willingness to take on new debt. S&P cut Hilton's corporate credit and senior unsecured debt to BBB from BBB+ and subordinated debt to BBB- from BBB. Hilton has about $2.7 billion in debt. The company ended its 10-month, $12-billion hostile pursuit of ITT two weeks ago after ITT shareholders agreed to a $13.
BUSINESS
November 14, 1997
Beverly Hills-based Hilton Hotels Corp. formally terminated its $9.3-billion offer for ITT Corp., but not before one final twist in the bitter takeover battle. For much of the day Starwood Lodging Trust saw its stock trade below the price protection level of $53.26 a share in its $10.2-billion winning bid, after it registered to offer $2 billion worth of securities. That prompted investor jitters. Starwood later said no new shares would be offered before the ITT deal closes. Its stock rose $1.
BUSINESS
October 21, 1997 | JESUS SANCHEZ, TIMES STAFF WRITER
In a dramatic bid to foil a hostile takeover by Hilton Hotels Corp., ITT Corp. on Monday agreed to be acquired by fast-growing Starwood Lodging Trust in a $13.3-billion deal that could create the world's largest hotel company. Beverly Hills-based Hilton--whose chief executive, Stephen Bollenbach, has led a tenacious, nine-month battle for ITT--would risk undermining its financial health if it tried to top Starwood's bid, according to industry analysts.
BUSINESS
September 10, 1997 | From Times Staff and Wire Reports
Starwood Lodging Trust on Tuesday said it had agreed to buy Westin Hotels & Resorts for $1.57 billion in cash, securities and assumed debt, the latest takeover to hit the hotel industry as it enjoys record profits. The combination would create the world's third-largest hotel company, with 219 hotels in 38 states and 23 countries and more than $4 billion in annual revenue.
BUSINESS
July 28, 1997 | Bloomberg News
Starwood Lodging Trust, the nation's largest hotel real estate investment trust, may agree to buy Westin Hotels & Resorts this week, people familiar with the talks said. Seattle-based Westin could fetch as much as $1.5 billion in a sale, analysts said. Buying Westin would give Starwood Lodging a well-known upscale hotel brand to affix to its string of more than 100 hotels. Starwood Lodging wants its own brand to save costly franchisee fees it pays for other hotel flags.
BUSINESS
May 15, 1996 | Times Staff and Wire Reports
Starwood to Buy 8 Hotels for $309 Million: Los Angeles-based Starwood Lodging Trust said it agreed to buy the properties from New York-based Teachers Insurance & Annuity Assn., a leading pension fund. The purchase of the hotels, stretching from Los Angeles to Boston, would boost Starwood's hotel holdings by 23% to 65 properties and 16,741 rooms. The deal is expected to close by the end of August. A Starwood affiliate, Starwood Lodging Corp., will take over management of the hotels.
BUSINESS
December 19, 1997
Dutch publisher VNU agreed to buy ITT Corp.'s telephone directory business from Starwood Lodging Trust for $2.1 billion. Phoenix-based Starwood had said it may sell ITT's businesses other than its Sheraton hotels and Caesars casinos after it completes its $13.7-billion purchase of ITT. . . . Daimler-Benz's entry into the small-car market faltered again as it delayed the launch of its Smart micro car by six months to correct quality problems.
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