MacKenzie Patterson Fuller Urges Rejection

25th Nov 2003

PRNewswire MORAGA, Calif. Nov. 25 :

Today MPFI sent a letter to all investors of the Westin Hotels Limited
Partnership (WHLP) urging rejection of Starwood`s offer to purchase all
outstanding units at $625 per Unit. MPFI based its opinion on the findings
of Houlihan Lokey Howard & Zukin Financial Advisors, a firm hired by the
general partner of WHLP, a Starwood affiliate, to render an opinion on the
“fairness” of the tender offer transaction. Houlihan Lokey rendered an
opinion that the transaction was “not fair” from a financial point of
view. That “unfairness” coupled with newly released hotel operational
information caused MPFI to take this action. In its long history of doing
business in the partnership world, MPFI has rarely seen a general partner
(or its affiliate) attempt to “roll-up” a partnership in a deal that its
own experts deem unfair. MPFI continues to urge rejection of the offer.



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