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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14D-1/A
TENDER OFFER STATEMENT PURSUANT TO SECTION 14(d)(1) OF THE SECURITIES EXCHANGE
ACT OF 1934
(AMENDMENT NO. 5)
FINAL AMENDMENT
AND
SCHEDULE 13D
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COURTYARD BY MARRIOTT LIMITED PARTNERSHIP
(NAME OF SUBJECT COMPANY)
PALM INVESTORS, LLC
A DELAWARE LIMITED LIABILITY COMPANY
ARLEN CAPITAL, LLC
(BIDDER)
UNITS OF LIMITED PARTNERSHIP INTEREST
(TITLE OF CLASS OF SECURITIES)
NONE
(CUSIP Number of Class of Securities)
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Don Augustine, Manager
Arlen Capital, LLC
1650 Hotel Circle North - Suite 200
San Diego, California 92108
(619) 686-2002
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications on Behalf of Bidder)
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14D-1/A AND 13D
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CUSIP NO. (None) Page 2 of 7 Pages
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i Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Palm Investors, LLC - IRS Identification #33-0741043
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ii Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) / /
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iii SEC Use Only
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iv Sources of Funds (See Instructions)
WC
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v Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f) / /
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vi Citizenship or Place of Organization
State of Delaware
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vii Aggregate Amount Beneficially Owned By Each Reporting Person
Less than 5.3 percent of the issued and outstanding Limited Partnership
Units
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viii Check if the Aggregate in Row (7) Excludes Certain Shares (See
Instructions) / /
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ix Percent of Class Represented by Amount in Row (7)
Approximately 5.3 percent of the issued and outstanding Limited
Partnership Units
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x Type of Reporting Persons (See Instructions)
OO
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14D-1/A AND 13D
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CUSIP NO. (None) Page 3 of 7 Pages
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1. Names of Reporting Persons
S.S. or I.R.S. Identification Nos. of Above Persons
Arlen Capital, LLC - IRS Identification #33-0713478
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / /
(b) / /
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3. SEC Use Only
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4. Sources of Funds (See Instructions)
AF
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5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(e) or 2(f) / /
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6. Citizenship or Place of Organization
State of California
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7. Aggregate Amount Beneficially Owned By Each Reporting Person
Less than 5.3 percent of the issued and outstanding Limited Partnership
Units
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8. Check if the Aggregate in Row (7) Excludes Certain Shares (See
Instructions) / /
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9. Percent of Class Represented by Amount in Row (7)
Less than 5.3 percent of the issued and outstanding Limited Partnership
Units
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10. Type of Reporting Persons (See Instructions)
OO
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AMENDMENT NO. 5 TO SCHEDULE 14D-1/SCHEDULE 13D
This Amendment No. 5 constitutes (i) the final amendment to the tender offer
statement on Schedule 14D-1 of Palm Investors, L.L.C. a Delaware limited
partnership (the "Purchaser"), originally filed with the Securities and Exchange
Commission (the "Commission") on May 26, 1998, as amended by Amendment No. 1,
dated June 26, 1998, Amendment No. 2, dated July 17, 1998, Amendment No. 3,
dated July 29, 1998, and Amendment No. 4, dated August 3, 1998; and (ii) the
initial statement on Schedule 13D of the Purchaser (together with the Schedule
14D-1, the "Schedules"). The Schedules relate to the the tender offer of the
Purchaser to purchase up to 115 units of limited partnership interest ("Units")
in Courtyard by Marriott Limited Partnership, a Delaware Limited Partnership
(the "Partnership"), for a purchase price of $85,000 per Unit, upon the terms
and conditions set forth in the Offer to Purchase dated May 26, 1998 and in the
related Agreement of Sale (which, together with any supplements or amendments,
collectively constitute the "Offer"). Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the Schedule 14D-1 and the
Offer to Purchase.
Item 4. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 4 (a) is hereby supplemented and amended as follows:
"The total amount of funds required by the Purchaser to purchase the 5.66
Units accepted for payment pursuant to the Offer, exclusive of fees and
expenses, is $481,100. To date, the Purchaser has accepted for payment, a total
of 61.33 Units. The total amount of funds required by the Purchaser to purchase
the 61.33 Units, exclusive of fees and expenses, is $4,621,321. The Purchaser
obtained such funds (plus amounts to pay fees and expenses) from capital
contributions from its partner and investors."
Item 6. INTEREST IN SECURITIES OF THE SUBJECT COMPANY.
Item 6 (a) - (b) is hereby supplemented and amended as follows:
"The Offer expired at 12:00 Midnight, Pacific Standard Time, on Friday
August 14, 1998. Based on the information provided by the depositary to the
reporting persons, pursuant to the Offer, as of 12:00 Midnight, Pacific Standard
Time on Friday August 14, 1998, the Purchaser accepted for payment 5.66 Units,
constituting approximately .49 percent of the outstanding Units. To date, the
Purchaser has accepted for payment, a total of 61.33 Units, constituting
approximately 5.33 percent of the outstanding Units."
SIGNATURE
After due 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.
Dated: August 19, 1998 PALM INVESTORS, LLC
By: Arlen Capital, LLC
its Manager
By: /s/ DON AUGUSTINE
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Don Augustine, Manager
