<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D/A
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 3)*
Hudson Hotels Corporation
(Name of Issuer)
Common Stock, par value $0.001
(Title of Class of Securities)
443794102
(CUSIP Number)
Stephanie B. Mudick
Deputy General Counsel
Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
(212) 816-8000
(Name, address and telephone number of person
authorized to receive notices and communications)
January 29, 1998
(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(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
(Continued on following 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 purposes 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 1 of 18
<PAGE>
- ------------------------- ---------------------
CUSIP NO. 443794102 13D PAGE 2 OF 18 PAGES
- ------------------------- ---------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SB Motel Corp., 13-3742249
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [X]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- ------------------------- -------- ---------------------------------------------
7 SOLE VOTING POWER 0
NUMBER OF -------- ---------------------------------------------
SHARES 8 SHARED VOTING POWER 370,657
BENEFICIALLY
OWNED BY -------- ---------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING -------- ---------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 370,657
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,657
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* CO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ----------------------- ------------------------
CUSIP NO. 443794102 13D PAGE 3 OF 18 PAGES
- ----------------------- ------------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Salomon Brothers Holding Company Inc, 13-3082695
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [X]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- ------------------------- -------- ---------------------------------------------
7 SOLE VOTING POWER 0
NUMBER OF -------- ---------------------------------------------
SHARES 8 SHARED VOTING POWER 370,657
BENEFICIALLY
OWNED BY -------- ---------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING -------- ---------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 370,657
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
370,657
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* HC
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ------------------------- ---------------------
CUSIP NO. 443794102 13D PAGE 4 OF 18 PAGES
- ------------------------- ---------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Salomon Smith Barney Holdings Inc., 22-1660266
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [X]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- ------------------------- -------- ---------------------------------------------
7 SOLE VOTING POWER 0
NUMBER OF -------- ---------------------------------------------
SHARES 8 SHARED VOTING POWER 383,057
BENEFICIALLY
OWNED BY -------- ---------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING -------- ---------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 383,057
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
383,057
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* HC
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ------------------------ ------------------------
CUSIP NO. 443794102 13D PAGE 5 OF 18 PAGES
- ------------------------ ------------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Travelers Group Inc., 52-1568099
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) [X]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- ------------------------- -------- ---------------------------------------------
7 SOLE VOTING POWER 0
NUMBER OF -------- ---------------------------------------------
SHARES 8 SHARED VOTING POWER 383,057
BENEFICIALLY
OWNED BY -------- ---------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING -------- ---------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 383,057
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
383,057
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.4%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON* HC
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Travelers Group Inc. and certain of its subsidiaries hereby
amend the Statement on Schedule 13D of Travelers Group Inc., certain of its
subsidiaries and John P. Buza relating to the Common Stock, $0.001 par value
(the "Common Stock"), of Hudson Hotels Corporation, a New York corporation (the
"Issuer"), dated November 27, 1996 (the "Schedule 13D"), as amended by Amendment
No. 1 to the Schedule 13D, dated February 7, 1997 ("Amendment No. 1"), and
further amended by Amendment No. 2 to the Schedule 13D, dated December 8, 1997
("Amendment No. 2"). All references herein to the Amended Schedule 13D shall be
to the Schedule 13D as amended by Amendment No. 1 and Amendment No. 2. All terms
defined in the Amended Schedule 13D have the same meanings in this Amendment No.
3.
Item 2. IDENTITY AND BACKGROUND.
(a), (b), (c) and (f) The first paragraph of this item as set
forth in the Amended Schedule 13D is deleted and the following is inserted in
its place:
"This Statement on Schedule 13D is being filed by SB Motel
Corp., a Delaware corporation ("SBMC"), Salomon Brothers Holding Company Inc, a
Delaware corporation ("SBHC"), Salomon Smith Barney Holdings Inc. (formerly
Salomon Inc), a Delaware corporation ("SSB Holdings"), and Travelers Group Inc.,
a Delaware corporation ("TRV"). John P. Buza, a director of the Issuer and
formerly a Vice President of SBMC (as defined below), is no longer a reporting
person hereunder, as described in Item 4 below. All of the Common Stock reported
herein, other than the Common Stock held in accounts managed by a subsidiary of
SSB Holdings, is directly beneficially owned by SBMC. As described in Item 4,
beneficial ownership of the Common Stock reported herein was originally acquired
jointly by twelve wholly owned subsidiaries of SBMC (collectively, the "SBMC
Subsidiaries"), each of which is a corporation organized under the laws of the
State of Delaware. SBMC is a wholly owned subsidiary of SBHC, which is a wholly
owned subsidiary of SSB Holdings. SSB Holdings is a wholly owned subsidiary of
TRV. The principal executive offices of SBMC, SBHC, SSB Holdings and TRV are
located, and the principal business of each are conducted, at 388 Greenwich
Street, New York, New York 10013."
The fourth paragraph of this item as set forth in the Amended
Schedule 13D is deleted in its entirety.
Item 4. PURPOSE OF TRANSACTION.
The following is inserted after the final paragraph of the
item as set forth in the Amended Schedule 13D:
"Effective January 29, 1998, John P. Buza, a director of the
Issuer, ceased to be an employee of Salomon Brothers Inc ("SBI"), a subsidiary
of TRV, and an officer of SBI and SBMC. Mr. Buza, who became a director of the
Issuer on November 27, 1996 following his appointment pursuant to the Amended
Agreement, is no longer SBI's nominee to the Board of the Issuer and
therefore is no longer required to provide information with respect to the
Amended Schedule 13D.
PAGE 6 OF 18
<PAGE>
SBI presently has no intention of appointing a new nominee pursuant to the
Amended Agreement but reserves its right to do so."
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b) This item as set forth in the Amended Schedule 13D
is deleted and the following is inserted in its place:
"By reason of their relationship, TRV, SSB Holdings and SBHC
may be deemed to share voting and dispositive power with respect to shares of
Common Stock directly beneficially owned by SBMC. Similarly, TRV and SSB
Holdings may be deemed to have an indirect beneficial interest in the shares of
Common Stock held in accounts managed by a subsidiary of SSB Holdings. As of
January 29, 1998, TRV, SSB Holdings and SBHC may be deemed to beneficially own
the 370,657 shares of Common Stock owned by SBMC and the 12,400 shares of Common
Stock held in accounts managed by a subsidiary of SSB Holdings, which represents
383,057 shares of Common Stock or 7.4% of the outstanding shares of Common Stock
(based on 5,153,162 shares of Common Stock outstanding as of October 16, 1997,
as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1997). TRV, SSB Holdings, SBHC and SBMC disclaim beneficial
ownership of any shares of Common Stock that Mr. Buza has acquired, or will
acquire in the future, either pursuant to the exercise of his Options or
otherwise.
Except as set forth or incorporated by reference herein, none
of TRV, SSB Holdings, SBHC, SBMC or, to the best knowledge of TRV, the persons
listed in Annexes A or B hereto beneficially owned any Common Stock on January
29, 1998."
(c) This item as set forth in the Amended Schedule 13D is
deleted and the following is inserted in its place:
"The dates, number of shares and prices per share for all
purchases and sales of Common Stock by a subsidiary of SSB Holdings from
December 8, 1997, the date Amendment No. 2 was filed, through the date hereof
are shown on Annex C hereto, which is incorporated herein by reference. All
such purchases and sales of Common Stock were effected in the over-the-counter
market."
(e) The following is hereby inserted as this item:
"Effective January 29, 1998, Mr. Buza ceased to be SBI's
nominee to the Board of the Issuer and accordingly, has ceased to be a reporting
person hereunder."
Page 7 of 18
<PAGE>
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
This item as set forth in the Amended Schedule 13D is deleted
and the following is inserted in its place:
"Other than the provisions of the Amended Agreement described
in Item 4, none of TRV, SSB Holdings, SBHC, SBMC or, to the best knowledge of
TRV, the persons listed in Annexes A or B hereto has any contracts,
arrangements, understandings or relationships (legal or otherwise) with any
person with respect to securities of the Issuer."
Item 7. MATERIAL TO BE FILED AS EXHIBITS.
The following replaces the Exhibit 6 as set forth in the
Amended Schedule 13D:
"EXHIBIT 6. Agreement among SBMC, SBHC, SSB Holdings and
TRV as to joint filing of Schedule 13D."
Page 8 of 18
<PAGE>
ANNEXES
A. Executive Officers and Directors of Travelers Group Inc.
B. Executive Officers and Directors of SB Motel Corp.
C. Description of Purchases and Sales of shares of Common Stock by a
subsidiary of SSB Holdings from December 8, 1997 through the date hereof.
Page 9 of 18
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of its knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
February 9, 1998
SB MOTEL CORP.
By: /s/ Matthew Levitan
--------------------------
Name: Matthew Levitan
Title: Secretary and Director
SALOMON BROTHERS
HOLDING COMPANY INC
By: /s/ Stephanie B. Mudick
--------------------------
Name: Stephanie B. Mudick
Title: Assistant Secretary
SALOMON SMITH BARNEY
HOLDINGS INC.
By: /s/ Howard M. Darmstadter
--------------------------
Name: Howard M. Darmstadter
Title: Assistant Secretary
TRAVELERS GROUP INC.
By: /s/ Stephanie B. Mudick
--------------------------
Name: Stephanie B. Mudick
Title: Assistant Secretary
Page 10 of 18
<PAGE>
February 1998
ANNEX A
EXECUTIVE OFFICERS AND DIRECTORS OF
TRAVELERS GROUP INC.
NAME, TITLE AND CITIZENSHIP PRINCIPAL OCCUPATION AND BUSINESS
ADDRESS
C. Michael Armstrong Chairman & Chief Executive Officer
Director (USA) AT&T Corp.
295 North Maple Avenue
Basking Ridge, New Jersey 07920
Judith Arron Executive Director
Director (USA) Carnegie Hall Corporation
881 Seventh Avenue
New York, New York 10019
Kenneth J. Bialkin Partner
Director (USA) Skadden, Arps, Slate, Meagher
& Flom LLP
919 Third Avenue
New York, New York 10022
Edward H. Budd Retired Chairman
Director (USA) Travelers Insurance Companies
One Tower Square
Hartford, Connecticut 06183
Joseph A. Califano, Jr. Chairman & Chief Executive Officer
Director (USA) The Center on Addiction &
Substance Abuse at Columbia
University
152 West 57th Street
New York, New York 10019
Douglas D. Danforth Executive Associates
Director (USA) One PPG Place
Suite 2210
Pittsburgh, Pennsylvania 15222
James Dimon President & Chief Operating Officer
Director & Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Page 11 of 18
<PAGE>
Leslie B. Disharoon Former Chairman, President &
Director (USA) Chief Executive Officer
Monumental Corporation
2 Chittenden Lane
Owings Mills, Maryland 21117
The Honorable Gerald R. Ford Former President of the United
Director (USA) States
Post Office Box 927
Rancho Mirage, California 92270
Thomas W. Jones Vice Chairman
Director & Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Ann Dibble Jordan Consultant
Director (USA) Former Director of Social Services,
University of Chicago Medical
Center
4610 Kenmore Drive, NW
Washington, DC 20007
Robert I. Lipp Vice Chairman
Director & Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Michael T. Masin Vice Chairman & President -
Director (USA) International
GTE Corporation
One Stamford Forum
Stamford, Connecticut 06904
Deryck C. Maughan Vice Chairman
Director (Great Britain) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Dudley C. Mecum Managing Director
Director (USA) Capricorn Management
30 East Elm Street
Greenwich, Connecticut 06830
Page 12 of 18
<PAGE>
Andrall E. Pearson Chairman & Chief Executive Officer
Director (USA) Tricon Global Restaurants, Inc.
660 Steamboat Road
Greenwich, Connecticut 06830
Frank J. Tasco Retired Chairman
Director (USA) Marsh & McLennan Companies, Inc.
1166 Avenue of the Americas
New York, New York 10036
Linda J. Wachner Chairman, President & Chief
Director (USA) Executive Officer
Warnaco Group Inc.
90 Park Avenue
New York, New York 10016
Sanford I. Weill Chairman & Chief Executive Officer
Director & Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Joseph R. Wright, Jr. Chairman & Chief Executive Officer
Director (USA) AMTEC, Inc.
599 Lexington Avenue
New York, New York 10022-6030
Arthur Zankel Co-Managing Partner
Director (USA) First Manhattan Company
437 Madison Avenue
New York, New York 10022
Steven D. Black Vice Chairman
Executive Officer (USA) Smith Barney Inc.
388 Greenwich Street
New York, New York 10013
Michael A. Carpenter Vice Chairman
Executive Officer (USA) Travelers Group Inc.
One Tower Square
Hartford, Connecticut 06183
Charles J. Clarke Vice Chairman
Executive Officer (USA) Travelers Property Casualty Corp.
One Tower Square
Hartford, Connecticut 06183
Page 13 of 18
<PAGE>
Donald R. Cooper Chairman
Executive Officer (USA) Resource Deployment Inc.
307 West 7th Street
Fort Worth, Texas 76102
Peter M. Dawkins Chairman & Chief Executive Officer
Executive Officer (USA) Travelers Group Diversified
Distribution Services, Inc.
388 Greenwich Street
New York, New York 10013
Irwin Ettinger Executive Vice President
Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Jay S. Fishman Senior Vice President
Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Jeffrey B. Lane Vice Chairman
Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Jon C. Madonna Vice Chairman
Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Marjorie Magner President & Chief Operating Officer
Executive Officer (USA) Commercial Credit Company
300 St. Paul Place
Baltimore, Maryland 21202
Heidi G. Miller Senior Vice President & Chief
Executive Officer (USA) Financial Officer
Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Page 14 of 18
<PAGE>
Joseph J. Plumeri II Vice Chairman
Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Charles O. Prince, III Executive Vice President, General
Executive Officer (USA) Counsel & Secretary
Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Marc P. Weill Senior Vice President
Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Robert B. Willumstad Vice Chairman
Executive Officer (USA) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Page 15 of 18
<PAGE>
February 1998
ANNEX B
EXECUTIVE OFFICERS AND DIRECTORS OF
SB MOTEL CORP.
NAME, TITLE AND CITIZENSHIP PRINCIPAL OCCUPATION AND BUSINESS
ADDRESS
David C. Fisher Managing Director
Treasurer (USA) Salomon Brothers Inc
8800 Hidden River Parkway
Tampa, Florida 33637
Matthew Levitan Managing Director
Secretary and Director (USA) Salomon Brothers Inc
388 Greenwich Street
New York, New York 10013
Deryck C. Maughan Vice Chairman
President and Director (Great Britain) Travelers Group Inc.
388 Greenwich Street
New York, New York 10013
Saul M. Rosen Managing Director
Assistant Treasurer (USA) Salomon Brothers Inc
388 Greenwich Street
New York, New York 10013
Zachary Snow Managing Director
Director (USA) Salomon Brothers Inc
388 Greenwich Street
New York, New York 10013
Jaime H. Taicher Vice President
Assistant Secretary (USA) Salomon Brothers Inc
388 Greenwich Street
New York, New York 10013
Page 16 of 18
<PAGE>
ANNEX C
Set forth below are the purchases and sales of shares of
Common Stock by a subsidiary of SSB Holdings from December 8, 1997 through
the date hereof.
Number of Number of
Trade Date Shares Purchased Shares Sold Price Per Share
- -------------------------------------------------------------------------------
12/16/97 1,000 $4.3750
12/29/97 200 $4.2500
500 $4.2500
200 $4.0625
400 $4.1250
300 $4.1875
300 $4.1875
200 $4.1875
200 $4.0625
300 $4.0625
300 $4.0625
300 $4.0625
200 $4.0625
300 $4.4375
150 $4.1250
12/30/97 800 $3.9375
300 $3.9375
200 $3.9375
300 $4.0000
12/31/97 200 $3.9375
100 $3.9375
200 $3.9375
200 $3.9375
300 $3.9375
200 $3.9375
200 $3.9375
150 $3.9375
200 $3.9375
1/5/98 500 $4.1250
Page 17 of 18
<PAGE>
AGREEMENT AS TO JOINT FILING OF SCHEDULE 13D
Each of the undersigned hereby affirms that it is individually
eligible to use Schedule 13D, and agrees that this Schedule 13D is filed on its
behalf.
Date: February 9, 1998
SB MOTEL CORP.
By: /s/ Matthew Levitan
--------------------------
Name: Matthew Levitan
Title: Secretary and Director
SALOMON BROTHERS
HOLDING COMPANY INC
By: /s/ Stephanie B. Mudick
--------------------------
Name: Stephanie B. Mudick
Title: Assistant Secretary
SALOMON SMITH BARNEY
HOLDINGS INC.
By: /s/ Howard M. Darmstadter
--------------------------
Name: Howard M. Darmstadter
Title: Assistant Secretary
TRAVELERS GROUP INC.
By: /s/ Stephanie B. Mudick
--------------------------
Name: Stephanie B. Mudick
Title: Assistant Secretary
Page 18 of 18
