Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
("Starwood") announced today that in connection with the previously
announced transaction with Host Marriott Corporation (NYSE: HMT)
("Host") and the acquisition by a subsidiary of Host of Starwood's
subsidiary, Starwood Hotels & Resorts (the "Trust"), the Class B
shares of the Trust were depaired from shares of common stock of
Starwood after the market closed today in anticipation of the closing
of the transaction with Host, which is expected to close Monday
morning, April 10, 2006. The shares of common stock of Starwood will
begin trading alone under the symbol "HOT" on the New York Stock
Exchange (the "NYSE") on Monday morning, April 10, 2006. Neither the
paired shares nor the Class B shares will be listed or trade on the
NYSE at that time.
Under the terms of the transaction with Host, Starwood shareholders will receive 0.6122 shares of Host common stock and 50.3 cents in cash for each Class B share they own. Based on Host's $20.53 closing price today, this consideration would have a per-share value of $13.07. As a result of the depairing, Starwood's stock on Monday April 10, 2006 will continue to trade under the symbol HOT, however it will not include the Class B shares for which shareholders will directly receive the $13.07 value described above. The actual value of the consideration to be received by the Class B shareholders and the total value of the transaction will depend upon the market price per share of Host common stock when the transaction is closed.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le Meridien(R) and the recently announced Aloft(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
**Please contact Starwood's new, toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or additional information.**
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations, including any statements as to whether or when the transaction with Host is expected to be consummated. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)
Under the terms of the transaction with Host, Starwood shareholders will receive 0.6122 shares of Host common stock and 50.3 cents in cash for each Class B share they own. Based on Host's $20.53 closing price today, this consideration would have a per-share value of $13.07. As a result of the depairing, Starwood's stock on Monday April 10, 2006 will continue to trade under the symbol HOT, however it will not include the Class B shares for which shareholders will directly receive the $13.07 value described above. The actual value of the consideration to be received by the Class B shareholders and the total value of the transaction will depend upon the market price per share of Host common stock when the transaction is closed.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le Meridien(R) and the recently announced Aloft(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
**Please contact Starwood's new, toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or additional information.**
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations, including any statements as to whether or when the transaction with Host is expected to be consummated. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)