Starwood Hotels & Resorts Worldwide, Inc. announced today that it is increasing its offer price to purchase all the limited partnership units of Westin Hotels Limited Partnership, the owner of the Michigan Avenue Hotel, to $735 per unit, less the amount of any cash distributions made or declared with respect to the units on or after January 1, 2004. Starwood is also eliminating the conditions to its offer that a majority of the outstanding units be tendered in the offer and that it receive consents from holders of a majority of the outstanding Units to the proposals set forth in its offer to purchase and solicitation statement, dated November 4, 2003.
Starwood is extending the period of time during which the offer and related consent solicitation will remain open until 5:00 p.m., Eastern time, February 6, 2004, unless further extended.
Starwood`s new offer is superior to the offer made by Kalmia Investors, LLC on January 8, 2004. Starwood is now offering $10 more per unit than Kalmia. In addition, if Starwood receives consents from holders of a majority of the outstanding units, Starwood will be able to amend the Partnership Agreement to permit it to purchase all of the units validly tendered in its offer. Because Kalmia is not seeking to amend the Partnership Agreement, Kalmia may not be able to purchase all of the units tendered in its offer and may subject tendering unitholders to a pro rata reduction of units that it will accept for payment.
Unitholders who have tendered their units to Kalmia and who now wish to take advantage of Starwood`s increased offer can easily do so. To withdraw from the Kalmia offer, unitholders should simply follow the instructions in Kalmia`s offer documents or use the withdrawal form that Starwood will mail to unitholders in the next several days for this purpose. Starwood expects to file a supplement to its offer to purchase and solicitation statement and related materials with the Securities and Exchange Commission and mail these documents to unitholders in the next several days.
Unitholders who have any questions about Starwood`s offer, need help or would like additional copies of the Offer to Purchase and Solicitation Statement, the Agreement of Assignment and Transfer, the Consent Form, the other documents disseminated with the Offer to Purchase and Solicitation Statement, or the Supplement to the Offer to Purchase and related materials that Starwood expects to mail to unitholders in the next several days, should contact Starwood`s information agent, D.F. King & Co., Inc., Toll-Free at 888-605-1957.
As of 5:00 p.m., Eastern time, January 21, 2004, a total of approximately 27,570 units (representing approximately 20.33% of the 135,600 outstanding units) had been validly tendered and not withdrawn.
STARWOOD STRONGLY ADVISES ALL PARTNERSHIP UNITHOLDERS TO READ THE OFFER TO PURCHASE AND SOLICITATION STATEMENT, THE AGREEMENT OF ASSIGNMENT AND TRANSFER AND THE CONSENT FORM THAT STARWOOD MAILED TO ALL UNITHOLDERS AND FILED WITH THE SEC ON NOVEMBER 4, 2003, AND THE SUPPLEMENT TO THE OFFER TO PURCHASE AND SOLICITATION STATEMENT AND RELATED MATERIALS THAT STARWOOD EXPECTS TO FILE WITH THE SEC AND MAIL TO ALL UNITHOLDERS IN THE NEXT SEVERAL DAYS, AS WELL AS ALL AMENDMENTS TO ITS SCHEDULE TO AND SCHEDULE 14A THAT HAVE BEEN FILED WITH THE SEC.