Starwood Hikes Tender Offer Price

Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y., has reported that it plans to launch a previously announced tender offer for all the outstanding limited partnership units of Westin Hotels LP at an increased purchase price of $625 in cash per unit.Starwood said it intends to solicit the consent of WHLP's limited partners to proposals that would facilitate Starwood's purchase of 100% of the units. WHLP is the owner of the Westin Michigan Avenue hotel in Chicago. The company noted that there is a pending tender offer by Kalmia Investors LLC for approximately 54% of the units at $550 per unit. Starwood's previous tender offer price was $600 per unit. Starwood can be found on the Web at http://www.starwood.com.