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Article: Starwood Hotels & Resorts Clarifies Earlier Announcement of Financing Related To ITT Acquisition.
- Article from:
- Business Wire
- Article date:
- February 24, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PHOENIX--(BUSINESS WIRE)--Feb. 24, 1998--Starwood Hotels & Resorts Worldwide Inc. ("the corporation"), a hotel management and operating company, whose shares are paired with and trade together as a unit (NYSE:HOT) with Starwood Hotels & Resorts (the "trust," and together with the corporation, the "company" or "Starwood Hotels") a real estate investment trust, clarified its earlier announcement concerning the equity financing related to the acquisition of ITT.
The proceeds of $250 million from the previously announced private placement have been used to fund the exercise of previously outstanding stock appreciation rights by certain ITT executives. This ...