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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of earliest event reported): September 20, 1995
Commission file number: Commission file number:
1-6828 1-7959
STARWOOD LODGING TRUST STARWOOD LODGING CORPORATION
(Exact name of registrant as (Exact name of registrant as
specified in its charter) specified in its charter)
Maryland Maryland
(State or other jurisdiction (State or other jurisdiction
of incorporation or organization) or incorporation or organization)
52-0901263 52-1193298
(I.R.S. employer identification (I.R.S. employer identification
number) number)
11845 W. Olympic Blvd., Suite 550 11845 W. Olympic Blvd., Suite 560
Los Angeles, California 90064 Los Angeles, California 90064
(Address of principal executive (Address of principal executive
offices, including zip code) offices, including zip code)
310-575-3900 310-575-3900
(Registrant's telephone number, (Registrant's telephone number,
including area code) including area code)
Not applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On September 20, 1995, Starwood Lodging Trust and Starwood
Lodging Corporation announced jointly that they completed a transaction to
recapitalize the Doral Inn in New York, New York.
A copy of the press release is filed as an exhibit to this
Form 8-K.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(a) FINANCIAL STATEMENT OF BUSINESS ACQUIRED. The historical financial
statements required to be provided in this Form 8-K will be filed under cover
of Form 8-K/A not later than 60 days after this Form 8-K must be filed.
(b) PRO FORMA FINANCIAL INFORMATION. The pro forma financial
information required to be provided in this Form 8-K will be filed under cover
of Form 8-K/A not later than 60 days after this Form 8-K must be filed.
Exhibits.
22 Form of press release dated September 20, 1995.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, each registrant has duly caused this report to be signed on its behalf by
the undersigned, thereto duly authorized.
HOTEL INVESTORS TRUST HOTEL INVESTORS CORPORATION
By: /s/ RONALD C. BROWN By: /s/ KENNETH J. BIEHL
- ----------------------------- --------------------------------
Ronald C. Brown Kenneth J. Biehl
Vice President and Vice President and
Chief Financial Officer Principal Accounting Officer
Date: October 9, 1995
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EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Sequentially
Number Description of Exhibit Numbered Page
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<S> <C>
22 Form of press release dated September 20, 1995.
</TABLE>
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[STARWOOD LODGING TRUST LETTERHEAD]
FOR IMMEDIATE RELEASE
CONTACTS: Starwood Lodging Trust
Jeffrey C. Lapin
President and Chief Operating Officer
(310) 575-3900
Silverman Heller Associates
Eugene G. Heller
(310) 208-2550
STARWOOD LODGING ACQUIRES INTERESTS IN
THE 652-ROOM DORAL INN, NEW YORK CITY
LOS ANGELES, California (September 20, 1995) -- Starwood Lodging Trust
(the "Trust"), a real estate investment trust, and Starwood Lodging
Corporation (the "Corporation"), a hotel management and operating company,
whose shares are paired and trade together on the New York Stock Exchange
(NYSE:HOT), today announced that they have completed a transaction with Carol
Management Corporation ("CMC"), parent company of Doral Hotels and Resorts,
and the secured lenders of the 652-room Doral Inn in New York, New York, to
recapitalize and reposition the property. The Trust acquired the debt and land
for approximately $43 million, and an affiliate of CMC will lease the hotel to
the Corporation pursuant to a long-term lease. The Doral Inn is located on
Lexington Avenue in midtown Manhattan and comprises the entire block front
along Lexington Avenue from 49th Street to 50th Strret. In addition to 79
suites at the Doral Inn, there are 11,000 square feet of function space, a
3,200 square-foot fitness center, approximately 10,000 square feet of retail
space fronting Lexington Avenue and a 5,000 square-foot garage with direct
access onto 49th Street.
The total consideration represents an investment of approximately $67,000
per room, and Starwood Lodging has budgeted approximately $18 million to
renovate and reposition the property in the marketplace, which would provide
the REIT with a total investment of less than $100,000 per room.
Barry S. Sternlicht, Chairman and Chief Executive Officer of the Trust,
said, "We are very pleased to finalize this transaction, and are excited about
being in the New York City market. We are evaluating various themes to
reposition the hotel, and believe that the Doral Inn represents the type of
growth opportunity that we believe will distinguish Starwood Lodging from other
hotel REITs."
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The Trust, which conducts all of its business as the general partner of
SLT Realty Limited Partnership, is the only hotel REIT whose shares are paired
with those of a hotel operating company, Starwood Lodging Corporation.
Including the Doral Inn, the Trust owns equity and mortgage interests in 48
hotels with approximately 10,050 rooms located in 21 states, including two
hotel/casinos located in Las Vegas. The equity portfolio includes 17
franchise locations, such as Embassy Suites, Marriott, Sheraton, Radisson,
Holiday Inn, Ramada Inn and Best Western, as well as 13 independent properties.
The Corporation, which conducts substantially all of its business as
managing general partner of SLC Operating Limited Partnership Leases
properties from the Trust and operates them directly or through third-party
management companies.
Doral Hotels and Resorts own, manage and/or franchise 15 hotels and
resorts throughout the United States.
