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Strategies & Market Trends : Starwood Lodging REIT

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To: Wren who wrote (12)	8/27/1998 8:03:00 AM
From: Platter	Read Replies (1) of 20

1 billion stock buyback......NEW YORK, Aug 27 (Reuters) - Starwood Hotels and Resorts Worldwide Inc, after months of deliberations, said on Wednesday it will abandon its paired-share real-estate investment trust status and become a regular tax-paying corporation. Starwood, owner of the Sheraton and Westin hotels and Caesars World Casinos, said its move to C-corp status was spurred by recent changes in federal regulations which will eliminate certain benefits enjoyed by paired-share REITs. In a statement, Starwood said the restructure would mean a $1.2 billion charge for deferred tax liabilities and a cut in its quarterly dividend to $0.15 a share from $0.52. The company also announced a $1 billion stock buyback, to be implemented over a period of months. Starwood has said it intends to refinance $2.5 billion of its debt by year-end subject to market conditions.

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