On October 6, 2003, Westin Hotels Limited Partnership (“WHLP”) received an unsolicited tender offer from Kalmia Investors, LLC (“Kalmia”), Merced Partners Limited Partnership, Smithtown Bay, LLC, Global Capital Management, Inc., John D. Brandenborg and Michael J. Frey (collectively, the “Purchasers”) to purchase up to 73,250 limited partnership units of WHLP, at a purchase price of $550 per unit, less the amount of any distributions declared or paid on or after October 1, 2003 in respect of that unit.
The Board of Directors of Westin Realty Corp. (the “General Partner”), the general partner of WHLP, evaluated the terms of the Purchasers` offer and determined that it is making no recommendation as to whether limited partners should accept or reject the offer and is remaining neutral with respect to the offer.
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