<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
STARWOOD FINANCIAL INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $1.00 PER SHARE
- --------------------------------------------------------------------------------
(Title of Class of Securities)
85569R 104
- --------------------------------------------------------------------------------
(CUSIP Number)
Marjorie L. Reifenberg
General Counsel
Lazard Freres Real Estate Investors L.L.C.
30 Rockefeller Center
New York, New York 10020
(212) 632-6000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 30, 1999
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1 (e), 13d-1(f) or 13d-1 (g), check the
following box. /X/
(Continued on following pages)
(Page 1 of 31 Pages)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the NOTES).
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 2 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lazard Freres Real Estate Fund II L.P.
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
-----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
2,975,400
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
2,975,400
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,975,400
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3 %
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 3 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lazard Freres Real Estate Offshore Fund II L.P.
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
- ----------------------------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
1,881,512
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
1,881,512
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,881,512
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 4 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LF Offshore Investment, L.P.
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
-----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
1,143,088
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
1,143,088
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,143,088
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 5 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ---------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lazard Freres Real Estate Investors L.L.C.
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
-----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
2,975,400
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
2,975,400
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,975,400
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3 %
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (limited liability company)
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 6 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LF Real Estate Investors Company
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
-----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
3,024,600
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
3,024,600
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,024,600
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4 %
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 7 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ---------- -----------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lazard Freres & Co. LLC
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
-----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
2,975,400
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
2,975,400
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,975,400
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.3 %
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO (limited liability company)
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 8 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Compagnie Francaise de Participations et d'Assurances
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
-----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
3,024,600
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
3,024,600
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,024,600
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4 %
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
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CUSIP No. 85569R 104 13D Page 9 of 31 Pages
- ------------------------------------------------- ----------------------------------------------
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Eurafrance
- ----------------------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
- ----------------------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
--
- ----------------------------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
/ /
- ----------------------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
France
- ----------------------------------------------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
- 0 -
SHARES
-----------------------------------------------------------------------------------------------------
8 SHARED VOTING POWER
BENEFICIALLY
3,024,600
OWNED BY
-----------------------------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
EACH
- 0 -
REPORTING
-----------------------------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
PERSON
3,024,600
WITH
- ----------------------------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,024,600
- ----------------------------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ----------------------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.4 %
- ----------------------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER.
This statement relates to the shares of Common Stock, par value $1.00
per share (the "Common Stock"), of Starwood Financial Inc.
("Starwood").
The principal executive offices of Starwood are located at 1114 Avenue
of the Americas, 27th Floor, New York, New York 10036.
ITEM 2. IDENTITY AND BACKGROUND.
(a) NAMES OF PERSONS FILING:
This statement is filed on behalf of each of the following persons
(collectively, the "Reporting Persons"):
(i) Lazard Freres Real Estate Fund II L.P. ("Onshore"), a
Delaware limited partnership;
(ii) Lazard Freres Real Estate Offshore Fund II L.P. ("Offshore
I"), a Delaware limited partnership;
(iii) LF Offshore Investment, L.P. ("Offshore II"), a Delaware
limited partnership;
(iv) Lazard Freres Real Estate Investors L.L.C. ("LFREI"), a New
York limited liability company and the sole general partner
of Onshore;
(v) LF Real Estate Investors Company ("LFREIC"), a Cayman
Islands exempted company and the sole general partner of
Offshore I and Offshore II;
(vi) Lazard Freres & Co. LLC ("LFC"), a New York limited
liability company and the managing member of LFREI;
(vii) Compagnie Francaise de Participations et d'Assurances
("Compagnie"), a French corporation and the sole owner of
LFREIC; and
(viii) Eurafrance, a French corporation and the sole owner of
Compagnie.
The name, business address, present principal occupation or employment
and name, principal business and address of any corporation or other
organization in which such employment is conducted of each director and
executive officer, if any, of LFREI, LFREIC, Compagnie and Eurafrance
are set forth in Schedules 1,2,4 and 5 hereto, respectively.
The name, business address and present principal occupation or
employment of each person that could be viewed as controlling LFC are
set forth in Schedule 3 hereto.
10
<PAGE>
(b) ADDRESS OF THE REPORTING PERSONS:
The address of the principal business and the principal office of
Onshore, LFREI and LFC is 30 Rockefeller Center, New York, New York
10020.
The address of the principal business and the principal office of
Offshore I, Offshore II and LFREIC is care of Maples and Calder,
Attorneys-at-Law, Ugland House, P.O. Box 309, George Town, Grand
Cayman, Cayman Islands, British West Indies.
The address of the principal business and the principal office of
Compagnie and Eurafrance is 12 Avenue Percier, 75008 Paris, France.
(c) BUSINESSES OF THE REPORTING PERSONS:
(i) Onshore: Investing, purchasing and selling interests in,
or related to, real estate including secured high-yield
debt;
(ii) Offshore I: Investing, purchasing and selling interests
in, or related to, real estate including secured
high-yield debt;
(iii) Offshore II: Investing, purchasing and selling interests
in, or related to, real estate including secured
high-yield debt;
(iv) LFREI: Acting as the general partner of Onshore and other
real estate investment partnerships;
(v) LFREIC: Acting as the general partner of Offshore I and
Offshore II;
(vi) LFC: Principally providing financial advisory services;
(vii) Compagnie: A publicly-owned holding company with interests
principally in three business sectors: banking, including
LFC, insurance and investments;
(viii) Eurafrance: A holding company wholly owned by Compagnie
whose assets consist mainly of U.S. investment funds.
(d) CRIMINAL PROCEEDING:
During the last five years, none of the Reporting Persons nor, to the
best knowledge of the Reporting Persons, any of the persons listed on
Schedules 1-5 hereto, has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) CIVIL PROCEEDING:
During the last five years none of the Reporting Persons nor, to the
best knowledge of the Reporting Persons, any of the persons listed on
Schedules 1-5 hereto, has been party to a civil proceeding of a
judicial or administrative body of competent jurisdiction.
11
<PAGE>
(f) CITIZENSHIP:
See (a) above and Schedules 1-5 hereto.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Onshore and Offshore I used $5,471,790 and $5,562,270 of capital
contributions from their respective partners to acquire their Warrants.
ITEM 4. PURPOSES OF TRANSACTION.
The acquisition of the Warrants by the Reporting Persons was for
investment purposes. The Reporting Persons from time to time may
dispose of all or a portion of the Warrants described in this
Statement, subject to any applicable contractual restrictions.
On December 15, 1998, Starwood Financial Trust, a Maryland trust and
the predecessor of Starwood Financial Inc., a Maryland corporation
("Starwood"), as previously reported by Starwood on a Current Report
on Form 8-K, filed on December 23, 1998, consummated the sale of
4,400,000 Series A Preferred Shares of beneficial interest (the
"Preferred Shares") and Warrants ("Warrants") to purchase 6,000,000
Class A Shares of beneficial interest (the Preferred Shares and the
Warrants, the "SFI Securities") pursuant to a Securities Purchase
Agreement, dated as of December 15, 1998 (the "Securities Purchase
Agreement"), by and among Onshore, Offshore I and LF Mortgage REIT,
a Maryland real estate investment trust affiliated with Onshore,
Offshore I and Offshore II, for an aggregate purchase price of $220
million of which $11,034,060 in the aggregate was attributable to
the Warrants.
The Preferred Shares, which are held by LF Mortgage REIT, have a
liquidation value of $50 per share, carry a dividend yield of 9.50%
per annum, payable quarterly in arrears, and are callable without
premium at Starwood's option on or after December 15, 2003. On each
of December 15, 2005, 2006 and 2007, the dividend rate on the
Preferred Shares will increase by 0.25% per annum. The Preferred
Shares are not convertible.
The Warrants, which are not attached to the Preferred Shares, are
exercisable on or after December 15, 1999 at a price of $35 per
share, subject to anti-dilution adjustments, and expire on December
15, 2005.
Effective March 30, 1999, Offshore I transferred Warrants to acquire
1,143,088 Class A Shares to LF Offshore Investment, L.P., a Delaware
limited partnership ("Offshore II"), in connection with a partial
distribution of the assets of Offshore I and the formation and
capitalization of Offshore II.
As publicly reported by Starwood, on November 3, 1999, Starwood
Financial Trust was merged with and into Starwood Financial Inc., a
Maryland corporation. In connection with that merger, the Series A
Preferred Shares of beneficial interest by operation of law became
shares of Series A Preferred Stock and the Warrants became Warrants
to acquire shares of Common Stock. All further references herein to
"Preferred Shares" means shares of Series A Preferred Stock.
12
<PAGE>
Pursuant to the Investor Rights Agreement, dated as of December 15,
1998, among Starwood, Starwood Mezzanine Investors, L.P., SOFI-IV
SMT Holdings, L.L.C., B Holdings, L.L.C. (collectively, the
"Starwood Affiliates"), and Onshore, Offshore I, and LF Mortgage
REIT (and, by joinder agreement, Offshore II) (the "Investor
Agreement"), Starwood has covenanted to use its best efforts to
cause one representative designated by the members of the Investor
Group (as defined in the Investor Agreement and includes Onshore,
Offshore I and Offshore II) who is reasonably acceptable to Starwood
to be elected to the Board of Directors of Starwood, to the Audit
Committee thereof and, as long as such representative qualifies as
Non-Employee Director under Rule 16b-3 of the Exchange Act, to the
Compensation Committee thereof. On November 30, 1999, LFREI, on
behalf of the Investor Group, requested that Starwood use its best
efforts to cause Michael G. Medzigian to be so nominated. Mr.
Medzigian is the President and Chief Executive Officer of LFREI and
is a Managing Director of LFC.
Except as set forth in the previous paragraph, the Reporting Persons
do not have any plan or proposal that relates to or would result in:
(a) the acquisition by any person of additional securities of
Starwood, or the disposition of securities of Starwood;
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving Starwood or any of its
subsidiaries;
(c) a sale or transfer of a material amount of assets of Starwood or
any of its subsidiaries;
(d) any change in the present Board of Directors or management of
Starwood;
(e) any material change in the present capitalization or dividend
policy of Starwood;
(f) any other material change in Starwood's business or corporate
structure;
(g) changes in Starwood's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of
control of Starwood by any person;
(h) causing a class of securities of Starwood to be delisted from a
national securities exchange or to cease to be authorized to be
quoted in an inter-dealer quotation system of a registered
national securities association;
(i) a class of equity securities of Starwood becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Exchange Act; or
(j) any action similar to any of those enumerated in (a)-(i) above.
13
<PAGE>
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As at the date hereof, the Reporting Persons beneficially own
in the aggregate, 6,000,000 shares of Common Stock (6.5% of
Starwood's outstanding shares of Common Stock) that may be
acquired upon the exercise of Warrants. Of such shares:
(i) Onshore beneficially owns 2,975,400 shares that may be
acquired upon exercise of Warrants (3.3% of Starwood's
outstanding shares of Common Stock);
(ii) Offshore I beneficially owns 1,881,512 shares that may
be acquired upon exercise of Warrants (2.1% of
Starwood's outstanding shares of Common Stock);
(iii) Offshore II beneficially owns 1,143,088 shares that may
be acquired upon exercise of Warrants (1.3% of
Starwood's outstanding shares of Common Stock);
(iv) LFREI beneficially owns 2,975,400 shares that may be
acquired upon exercise of Warrants held by Onshore (3.3%
of Starwood's outstanding shares of Common Stock);
(v) LFREIC beneficially owns 3,024,600 shares that may be
acquired upon exercise of Warrants held by Offshore I
and Offshore II (3.4% of Starwood's outstanding shares
of Common Stock);
(vi) LFC beneficially owns 2,975,400 shares that may be
acquired upon exercise of the Warrants held by Onshore
(3.3% of Starwood's outstanding shares of Common Stock);
(vii) Compagnie beneficially owns 3,024,600 shares that may be
acquired upon exercise of Warrants held by Offshore I
and Offshore II (3.4% of Starwood's outstanding shares
of Common Stock); and
(viii) Eurafrance beneficially owns 3,024,600 shares that may
be acquired upon exercise of Warrants held by Offshore I
and Offshore II (3.4% of Starwood's outstanding shares
of Common Stock).
None of the persons listed on Schedules 1-5 hereto is a
beneficial owner of any shares of Common Stock.
The forgoing percentages are based upon 86,921,191 shares of
Common Stock issued and outstanding as of December 7, 1999,
based on information provided by Starwood.
LFREI, as the sole general partner of Onshore, may be deemed to
beneficially own the Warrants and the shares of Common Stock
that Onshore may acquire upon exercise of its Warrants. LFREI
is also the investment adviser to Offshore
14
<PAGE>
I and Offshore II but has no right to bind them or otherwise
direct their actions. LFREI disclaims beneficial ownership of
the Warrants and all shares of Common Stock that Offshore I or
Offshore II may acquire upon exercise of their respective
Warrants.
LFREIC, as the sole general partner of Offshore I and Offshore
II, may be deemed to beneficially own the Warrants and the
shares of Common Stock that Offshore I and Offshore II may
acquire upon exercise of their respective Warrants.
LFC, as the managing member of LFREI, may be deemed to
beneficially own the Warrants and the shares of Common Stock
that Onshore may acquire upon exercise of its Warrants. LFC
disclaims beneficial ownership of the Warrants and such shares
of Common Stock.
LFREIC is wholly-owned by Compagnie, which is wholly-owned by
Eurafrance. Each of Compagnie and Eurafrance disclaims
beneficial ownership of the Warrants and the shares of Common
Stock that Offshore I and Offshore II may acquire upon exercise
of their respective Warrants.
(b) None of the Reporting Persons, nor any of the persons listed on
Schedules 1-5 hereto, has the sole power to vote or to direct
the vote of or to dispose or direct the disposition of any
shares of Common Stock. The following Reporting Persons have
the shared power to vote or to direct the vote of or to dispose
or direct the disposition of the following numbers of shares of
Common Stock issuable upon exercise of the Warrants:
(i) Onshore: 2,975,400
(ii) Offshore I: 1,881,512
(iii) Offshore II: 1,143,088
(iv) LFREI: 2,975,400
(v) LFREIC: 3,024,600
(vi) LFC: 2,975,400
(vii) Compagnie: 3,024,600
(viii) Eurafrance: 3,024,600
(c) None of the Reporting Persons nor, to the best knowledge of the
Reporting Persons, any of the persons listed on Schedules 1-5
hereto, has effected any transactions in the securities of
Starwood during the past 60 days.
(d) Not applicable.
(e) Not applicable.
15
<PAGE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
Except as otherwise noted below, the following provisions are
contained in the Investor Agreement and all capitalized terms are
defined therein.
So long as the Lazard Holders, which includes Onshore, Offshore I and
Offshore II, own, in the aggregate at least 25% of the Preferred
Shares, subject to certain exceptions and limitations, Starwood will
obtain their consent before issuing any Debt or any shares that are
pari passu or that have a preference or priority over the Preferred
Shares as to the right to receive either dividends or amounts
distributable upon liquidation or any securities convertible or
exchangeable therefor, if after giving effect to any such issuance
Starwood's outstanding Debt to Equity ratio would exceed 8:1.
Starwood will not repurchase and redeem any Preferred Shares if such
repurchase and redemption would cause or result in the Lazard Holders
owning, in the aggregate, less than 25% of the Preferred Shares
unless all Preferred Shares are purchased simultaneously.
Starwood has agreed to use its best efforts to cause a registration
statement covering Registrable Common Securities (includes the
Warrants and the shares of Common Stock issuable upon exercise of the
Warrants) to be declared effective by the Securities and Exchange
Commission for an offering on a delayed or continuous basis pursuant
to Rule 415 under the Securities Act of 1933 by December 14, 1999. In
addition, Starwood has also agreed that on any one occasion not
earlier than seven years after the date of the Investor Agreement, to
use its best efforts to effect a shelf registration with respect to
resales of all but not less than all of the Registrable Preferred
Shares (includes the Preferred Shares). Furthermore, at any time
after the second anniversary of the Investor Agreement, the members
of the Investor Group will have certain "piggyback" registration
rights with respect to primary offerings by Starwood (excluding
offerings of debt securities and convertible debt securities), which
rights terminate when the Lazard Holders no longer own, in the
aggregate, at least 50% of the Preferred Shares.
Subject to certain limitations, Starwood has covenanted to use its
best efforts to cause one representative designated by the members of
the Investor Group, which includes Onshore, Offshore I and Offshore
II, who is reasonably acceptable to Starwood to be elected to the
Board of Directors of Starwood, to the Audit Committee thereof and,
as long as such representative qualifies as Non-Employee Director
under Rule 16b-3 of the Exchange Act, to the Compensation Committee
thereof. Starwood also has covenanted to, and to cause its
Affiliates, including the Starwood Affiliates, that own Common Stock
or any other voting securities of Starwood to vote all such
securities beneficially owned by it or them for the election of such
representative. The right to designate a member of the Board of
Directors of Starwood shall continue until such time as any member of
the Investor Group or any Lazard Affiliate is a Competitor.
Furthermore, this right shall terminate on the date that the members
of the Investor Group no longer own in the aggregate at least 50% of
the Preferred Shares issued pursuant to the Securities Purchase
Agreement. On November 30, 1999, LFREI, on behalf of the Investor
Group, requested that Starwood use its best efforts to cause Michael
G. Medzigian to be so nominated.
16
<PAGE>
Mr. Medzigian is the President and Chief Executive Officer of LFREI
and is a Managing Director of LFC.
The Investor Agreement contains several restrictions on the ability
of Onshore, Offshore I and Offshore II to Transfer the SFI
Securities. None of the SFI Securities may be Transferred prior to
December 15, 1999 except to other Lazard Holders. No Lazard Holder
may Transfer any SFI Securities to a Competitor, and each Lazard
Holder must give prior notice of any proposed Transfer, except
Transfers to other Lazard Holders. The foregoing restrictions
terminate with respect to the shares of Common Stock issuable upon
exercise of the Warrants on the date that the Lazard Holders own less
than an aggregate of 200,000 shares (as adjusted for stock splits,
recapitalizations and similar transactions).
In addition, at any time that any Lazard Holder shall desire to
Transfer in a single transaction or series of related transactions
over a consecutive 30 day period any Warrants or shares of Common
Stock (assuming exercise of the Warrants) constituting 20% or more of
the shares issuable upon exercise of the Warrants, Starwood has a
right of first refusal to purchase such Warrants or shares.
The foregoing transfer restrictions and notification requirement do
not apply to (i) any arrangement involving a secured or structured
financing, including any pledge or other security interest, (ii) any
foreclosure or other exercise of remedies or negotiated arrangements
or transfer in connection with any structured or other financing
arrangement, (iii) any transfer, distribution or resale by parties
that acquired securities in connection with the arrangements and
transactions referred to in clauses (i) and (ii), (iv) any sale to an
underwriter in connection with a firm commitment underwitten public
offering, (v) any distribution by a member of the Investor Group to
an Existing Holder, which includes Onshore, Offshore I and Offshore
II, and (vi) any Transfer to a member of the Investor Group.
In addition, if after December 15, 1999, certain of the Starwood
Affiliates propose, in a single transaction or series of related
transactions within a 30 day period that is a private placement to
Transfer (other than transfers to Affiliates who agree in writing to
be bound by the terms of the Investor Agreement) Common Stock for
which it or they receive aggregate cash consideration in excess of
$25 million, the members of the Investor Group shall be afforded the
opportunity to include their Common Stock in such Transfer on a pro
rata basis. This right terminates on the seventh anniversary of the
date of the Investor Agreement.
The foregoing discussion of the Investor Agreement is qualified in
its entirety to the full text of such agreement, a copy of which is
attached as Exhibit C hereto and incorporated by reference herein.
In connection with the acquisition of the Warrants, Onshore and
Offshore I paid an investment banking fee to Merrill Lynch & Co. of
approximately $110,000.
17
<PAGE>
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A Joint Filing Agreement dated December 9, 1999 among the Reporting
Persons.
B Evidence of representative's authority to sign on behalf of LFREIC.
C Investor Rights Agreement, dated as of December 15, 1998 among
Starwood, Starwood Mezzanine Investors, L.P., SOFI-IV SMT
Holdings, L.L.C., B Holdings, L.L.C., and Onshore, Offshore I,
and LF Mortgage REIT; incorporated by reference from Exhibit 4.1
to Starwood's Current Report on Form 8-K filed on December 23,
1998.
D Securities Purchase Agreement, dated as of December 15, 1998, by
and between Starwood, Onshore, Offshore I and LF Mortgage REIT;
incorporated by reference from Exhibit 10.1 to Starwood's
Current Report on Form 8-K filed on December 23, 1998.
E Form of Warrant Certificate; incorporated by reference from
Exhibit 4.2 to Starwoods's Current Report on Form 8-K filed on
December 23, 1998.
18
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: December 9, 1999
LAZARD FRERES REAL ESTATE FUND II L.P.
By: Lazard Freres Real Estate Investors L.L.C.,
General Partner
By: /s/ John A. Moore
--------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LAZARD FRERES REAL ESTATE OFFSHORE FUND II L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
---------------------
Name: Douglas N. Wells
Title: Authorized Signatory*
LF OFFSHORE INVESTMENT, L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
---------------------
Name: Douglas N. Wells
Title: Authorized Signatory*
LAZARD FRERES REAL ESTATE INVESTORS L.L.C.
By: /s/ John A. Moore
------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LF REAL ESTATE INVESTORS COMPANY
By: /s/ Douglas N. Wells
---------------------
Name: Douglas N. Wells
Title: Authorized Signatory*
19
<PAGE>
LAZARD FRERES & CO. LLC
By: /s/ Scott D. Hoffman
---------------------
Name: Scott D. Hoffman
Title: Managing Director
COMPAGNIE FRANCAISE DE PARTICIPATIONS ET D'ASSURANCES
By: /s/ Bruno Keller
-----------------
Name: Bruno Keller
Title: President and Director General
EURAFRANCE
By: /s/ Bruno Keller
-----------------
Name: Bruno Keller
Title: Secretaire General
* See attached Exhibit B for authorization
20
<PAGE>
SCHEDULE 1
LAZARD FRERES REAL ESTATE INVESTORS L.L.C
Set forth below are the names and positions of each executive officer of
Lazard Freres Real Estate Investors L.L.C. The business address of each such
person is 30 Rockefeller Plaza, New York, NY 10020, and each person is a citizen
of the United States.
<TABLE>
<CAPTION>
Name Position With LFREI; Principal Occupation
- ---- -----------------------------------------
<S> <C>
Robert C. Larson Chairman of LFREI; Managing Director of LFC
Michael G. Medzigian President and Chief Executive Officer of LFREI; Managing Director
of LFC
Mark S. Ticotin Chief Operating Officer
John A. Moore Principal and Chief Financial Officer
Douglas T. Healy Principal
Marjorie L. Reifenberg Principal, General Counsel and Secretary
Henry C. Herms Controller
</TABLE>
21
<PAGE>
SCHEDULE 2
LF REAL ESTATE INVESTORS COMPANY
Set forth below are the directors of LF Real Estate Investors Company.
LF Real Estate Investors Company has no officers.
<TABLE>
<CAPTION>
Principal Occupation
Name and Business Address Citizenship
- ---- -------------------- ------------
<S> <C> <C>
Jean-Jacques Laborde Managing Director France
Lazard Freres & Cie
121 Blvd. Haussman
75382 Paris Cedex 08
France
Lothar Deppe Managing Director Germany
Lazard & Co., GMBH
Ulmenstrasse 37-39
Frankfurt A.M.
6035 Germany
Jan H.W.R. van der Vlist Director of Real Estate The Netherlands
Pensioenfonds PGGM
Kroostweg Nord 149
3704 DV Zeist
The Netherlands
</TABLE>
22
<PAGE>
SCHEDULE 3
LAZARD FRERES & CO. LLC
Set forth below are the names and positions of each person that could
be viewed as controlling Lazard Freres & Co. LLC. Except as otherwise indicated,
the principal occupation of each person that could be viewed as controlling
Lazard Freres & Co. LLC is general member of Lazard Freres & Co. LLC, the
business address of each such person is 30 Rockefeller Plaza, New York, New York
10020 and each person is a citizen of the United States. Lazard Groupement
d'Interet Economique, a partnership organized under French law whose principal
business is investments (including its investment in Lazard Freres & Co. LLC),
and Lazard Partners L.P., a Delaware limited partnership whose principal
business is serving as a holding company, also serve as general members of
Lazard Freres & Co. LLC.
<TABLE>
<CAPTION>
Principal Occupation
and Business Address
Name (if other than as indicated above) Citizenship
- ---- ---------------------------------- -----------
<S> <C> <C>
Michel A. David-Weill France
John C. Adams Lazard Freres & Co. LLC
200 West Madison, Suite 2200
Chicago, IL 60606
Eileen D. Alexanderson
William R. Araskog
Robert A. Baer, Jr.
F. Harlan Batrus
Gerardo Braggiotti Lazard Freres & Cie Italy
121 Blvd. Haussmann
75382 Paris Cedex 08 France
Patrick J. Callahan, Jr. Lazard Freres & Co. LLC
200 West Madison, Suite 2200
Chicago, IL 60606
John V. Doyle
Thomas F. Dunn
Norman Eig
Richard P. Emerson
Peter R. Ezersky
Eli H. Fink
Jonathan F. Foster
Albert H. Garner
James S. Gold
</TABLE>
23
<PAGE>
<TABLE>
<CAPTION>
Principal Occupation
and Business Address
Name (if other than as indicated above) Citizenship
- ---- ---------------------------------- -----------
<S> <C> <C>
Steven J. Golub
Robert L. Goodman
Herbert W. Gullquist
Thomas R. Haack
Paul J. Haigney
Ira O. Handler
Yasushi Hatakeyama Japan
Melvin L. Heineman
Scott D. Hoffman
Robert E. Hougie United Kingdom
Kenneth M. Jacobs
James L. Kempner
Lee O. Kraus, Jr.
Sandra A. Lamb
Robert C. Larson
William R. Loomis, Jr.
J. Robert Lovejoy
Matthew J. Lustig
Thomas E. Lynch
Mark T. McMaster
Michael G. Medzigian
Richard W. Moore, Jr.
Robert P. Morgenthau
Steven J. Niemczyk
James A. Paduano
Louis Perlmutter
Russell E. Planitzer
Steven L. Rattner
John R. Reinsberg
L. Gregory Rice
</TABLE>
24
<PAGE>
<TABLE>
<CAPTION>
Principal Occupation
and Business Address
Name (if other than as indicated above) Cschitizenship
- ---- ---------------------------------- -----------
<S> <C> <C>
Barry W. Ridings
Luis E. Rinaldini United Kingdom
Bruno M. Roger Lazard Capital Markets France
121 Boulevard Haussmann
75382 Paris Cedex 08 France
Michael S. Rome
Stephen H. Sands
Frank A. Savage
Gary S. Shedlin
David A. Tanner
David L. Tashjian
J. Mikesell Thomas Lazard Freres & Co. LLC
200 West Madison, Suite 2200
Chicago, IL 60606
Michael P. Triguboff Lazard Asset Management Australia
Pacific Co. Level 39
Gateway 1 Macquarie Place
Sydney NSW 2000 Australia
Donald A. Wagner
Ali E. Wambold
Michael A. Weinstock
Antonio F. Weiss
Alexander E. Zagoreos
</TABLE>
25
<PAGE>
SCHEDULE 4
COMPAGNIE FRANCAISE DE PARTICIPATIONS ET D'ASSURANCES
Set forth below are the directors and executive officers of Compagnie
Francaise de Participations et d'Assurances. Each such person is a citizen of
France and except as otherwise indicated, the business address of each person is
Gaz-et-Eaux, 3 Rue Jacques Bingen, 75017 Paris, France.
<TABLE>
<CAPTION>
Position with Compagnie; Principal Occupation
and Business Address
Name (if other than as indicated above)
- ---- ----------------------------------------------
<S> <C>
Bruno Keller Chief Executive Officer; Deputy Managing Director of
Gaz-et-Eaux and General Secretary of Eurafrance
Jean-Jacques Laborde Director; Managing Director of Lazard Freres & Cie
121 Blvd. Haussmann, 75382 Paris Cedex 08, France
Stephane Droulers Director; Managing Director of Lazard Freres & Cie
121 Blvd. Haussmann, 75382 Paris Cedex 08, France
Ludwig Mangin Director; General Secretary of Gaz-et-Eaux
</TABLE>
26
<PAGE>
SCHEDULE 5
EURAFRANCE
Set forth below are the directors and executive officers of Eurafrance.
Except as otherwise indicated, the business address of each such person is 121
Blvd. Haussmann, 75382 Paris Cedex 08, France, and each person is a citizen of
France.
<TABLE>
<CAPTION>
Position with Eurafrance; Principal Occupation
and Business Address
Name (if other than as indicated above) Citizenship
- ---- ---------------------------------------------- -----------
<S> <C> <C>
Michel David-Weill Chairman and Chief Executive Officer; USA
Managing Director of Lazard Freres & Co
30 Rockefeller Plaza
New York, NY 10020, USA
Bruno Roger Vice Chairman and Managing Director;
Managing Director of Lazard Freres & Cie
Antoine Bernheim Vice Chairman and Managing Director;
Managing Director of Lazard Freres & Cie
Giovanni Agnelli Director; Chairman of the Board of I.F.I. Spa Italy
Corso G. Matteoti, 26,
10121 Turin, Italy
Christian Blanc Director; 7 Rue d'Aboukir,
75002 Paris, France
Yves Boel Director; Chairman of the Board of Sofina S.A. Belgium
Rue de Naples, 38,
1050 Bruxelles, Belgium
Gerardo Braggiotti Director; Managing Director of Lazard Freres & Cie Italy
Jean Gandois Director; Vice Chairman of the Supervisory Board
of Suez Lyonnaise des Eaux
72 rue du Faubourg St, Honore,
75008 Paris, France
Jean Guyot Director; Limited Partner of Lazard Freres & Cie
Jean-Claude Haas Director; Managing Director of Lazard Freres & Cie
Georges Ralli Director; Managing Director of Lazard Freres & Cie
Steven Rattner Director; Managing Director of Lazard Freres & Co. USA
30 Rockefeller Plaza
New York, NY 10020, USA
</TABLE>
27
<PAGE>
<TABLE>
<CAPTION>
Position with Eurafrance; Principal Occupation
and Business Address
Name (if other than as indicated above) Citizenship
- ---- ---------------------------------------------- -----------
<S> <C> <C>
Antoine Riboud Director; Honorary Chairman of Groupe Danone
7 Rue de Teheran
75008 Paris, France
David Verey Director; Chairman of Lazard Brothers United Kingdom
21, Moorfields,
EC2P 2HT London, UK
Bruno Keller General Secretary; Deputy Managing Director of Gaz-et-Eaux
3 Rue Jacques Bingen
75017 Paris, France
</TABLE>
28
<PAGE>
EXHIBIT A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the shares of Common Stock of Starwood Financial Trust and further
agree that this Joint Filing Agreement be included as an Exhibit to such joint
filings. In evidence thereof, the undersigned, being duly authorized, hereby
execute this Agreement as of December 9, 1999.
LAZARD FRERES REAL ESTATE FUND II L.P.
By: Lazard Freres Real Estate Investors L.L.C., General
Partner
By: /s/ John A. Moore
-------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LAZARD FRERES REAL ESTATE OFFSHORE FUND II L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
---------------------
Name: Douglas N. Wells
Title: Authorized Signatory
LF OFFSHORE INVESTMENT, L.P.
By: LF Real Estate Investors Company, General Partner
By: /s/ Douglas N. Wells
---------------------
Name: Douglas N. Wells
Title: Authorized Signatory
LAZARD FRERES REAL ESTATE INVESTORS L.L.C.
By: /s/ John A. Moore
-------------------
Name: John A. Moore
Title: Principal and Chief Financial Officer
LF REAL ESTATE INVESTORS COMPANY
By: /s/ Douglas N. Wells
---------------------
Name: Douglas N. Wells
Title: Authorized Signatory
<PAGE>
LAZARD FRERES & CO. LLC
By: /s/ Scott D. Hoffman
----------------------
Name: Scott D. Hoffman
Title: Managing Director
COMPAGNIE FRANCAISE DE PARTICIPATIONS ET D'ASSURANCES
By: /s/ Bruno Keller
-----------------
Name: Bruno Keller
Title: President and Director General
EURAFRANCE
By: /s/ Bruno Keller
-----------------
Name: Bruno Keller
Title: Secretaire General
<PAGE>
EXHIBIT B
The follow resolution was adopted by unanimous written consent of the Board
of Directors of LF Real Estate Investors Company, a Cayman Islands exempted
company, as of December 15, 1998 in connection with acquisition of the
Warrants:
FURTHER RESOLVED, that (i) Robert P. Freeman, a Director of the
Corporation, or any other Director of the Corporation (each, an "Authorized
Person"), be, and hereby is, authorized, empowered and directed on behalf
of the Partnership and the Corporation to do and perform, all such further
acts and things and sign all such further documents and certificates and
take all such other steps deemed by him to be necessary or appropriate, to
effectuate and facilitate the intent of the foregoing resolution,
including, without limitation, but subject to the limitations described in
the Proposal, negotiating, executing and delivering all documents (with
such additions or modifications thereto as any Authorized Person shall deem
necessary or appropriate) effectuating, evidencing, securing or otherwise
relating to the Transactions (as defined in the Proposal) and take such
other actions as he may deem necessary or appropriate to effectuate and
facilitate the Transactions; and (ii) Douglas N. Wells, as an authorized
signatory for the Corporation, be, and hereby is, authorized to execute and
deliver all documents (with such additions or modifications thereto as any
Authorized Person shall deem necessary or appropriate) evidencing, securing
or otherwise relating to the Proposal as any Authorized Person may deem
necessary or appropriate to effectuate and facilitate the Proposal, the
execution by such authorized signatory of any instrument or document shall
conclusively establish his authority therefor and the approval thereof by
an Authorized Person