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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 3 )*
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RFS Hotel Investors, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
74955J108
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(CUSIP Number)
December 31, 1998 - Amendment pursuant to Rule 13d-2(b)
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 the
disclosures provided in a prior cover page.
The information required in 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 ("Act") 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).
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CUSIP NO. 74955J108 13G Page 1 of 3 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Boston Partners Asset Management, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
Not applicable
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF -0- shares
SHARES ------------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 2,309,740 shares
REPORTING ------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
-0- shares
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8 SHARED DISPOSITIVE POWER
2,309,740 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,309,740 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES*
Not applicable
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.3%
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12 TYPE OF REPORTING PERSON *
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 74955J108 13G Page 2 of 3 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Boston Partners, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
Not applicable
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF -0- shares
SHARES -----------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 2,309,740 shares
REPORTING ------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
-0- shares
-----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,309,740 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,309,740 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES*
Not applicable
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.3%
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12 TYPE OF REPORTING PERSON *
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 74955J108 13G Page 3 of 3 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Desmond John Heathwood
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
Not applicable
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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5 SOLE VOTING POWER
NUMBER OF
SHARES -0- shares
BENEFICIALLY ------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 2,309,740 shares
PERSON -----------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0- shares
------------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,309,740 shares
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,309,740 shares
- ------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES*
Not applicable
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.3%
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12 TYPE OF REPORTING PERSON *
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Item 1(a). Name of Issuer: RFS Hotel Investors, Inc. (the "Issuer").
Item 1(b). Address of Issuer's Principal Executive Offices:
850 Ridge Lake Boulevard, Suite 220, Memphis, TN 38120
Item 2(a). Names of Persons Filing: Boston Partners Asset Management, L.P.
("BPAM"), Boston Partners, Inc. ("Boston Partners"), and Desmond
John Heathwood. BPAM, Boston Partners, and Mr. Heathwood are
sometimes referred to collectively herein as the "Reporting
Persons."
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal business office of BPAM, Boston
Partners, and Mr. Heathwood is 28 State Street, 20th Floor,
Boston, MA 02109.
Item 2(c). Citizenship: BPAM is a Delaware limited partnership. Boston
Partners is a Delaware corporation. Mr. Heathwood is a United
States citizen.
Item 2(d). Title of Class of Securities: Common Stock, $.01 par value
("Common Stock").
Item 2(e). CUSIP Number: 74955J108
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or
13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of
the Act (15 U.S.C. 78c).
(c) [ ] Insurance Company as defined in section
3(a)(19) of the Act (15 U.S.C. 78c).
(d) [ ] Investment Company registered under
section 8 of the Investment Company Act of
1940 (15 U.S.C. 80a-8).
(e) [X] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment
fund in accordance with Rule
13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control
person in accordance with Rule
13d-1(b)(1)(ii)(G);
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(h) [ ] A savings association as defined in
section 3(b) of the Federal Deposit
Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of
the Investment Company Act of 1940 (15 U.S.C.
80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Item 4. Ownership.
(a) Amount Beneficially Owned: Each of the Reporting Persons may be
deemed to own beneficially 2,309,740 shares of Common Stock at
December 31, 1998. BPAM owns of record 2,309,740 shares of
Common Stock. As sole general partner of BPAM, Boston Partners
may be deemed to own beneficially all of the shares of Common
Stock that BPAM may be deemed to own beneficially. As principal
stockholder of Boston Partners, Mr. Heathwood may be deemed to
own beneficially all of the Common Stock that Boston Partners
may be deemed to own beneficially. Therefore, each of the
Reporting Persons may be deemed to own beneficially 2,309,740
shares of Common Stock of the Issuer.
(b) Percent of Class: 9.3% for all Reporting Persons. The foregoing
percentage is calculated based on the 24,876,946 shares of
Common Stock reported to be outstanding in the Form 10-Q for the
quarter ended September 30, 1998.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0 shares for
all Reporting Persons.
(ii) shared power to vote or to direct the vote: 2,309,740
shares for all Reporting Persons.
(iii) sole power to dispose or to direct the disposition of: 0
shares for all Reporting Persons.
(iv) shared power to dispose or to direct the disposition of:
2,309,740 shares for all Reporting Persons.
Pursuant to Rule 13d-4, each of Boston Partners and Mr. Heathwood
expressly disclaims beneficial ownership of any shares of Common
Stock of the Issuer.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
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Item 6. Ownership of More than Five Percent on Behalf of Another Person.
BPAM holds all of the above 2,309,740 shares under management
for its clients, who have the right to direct the receipt of
dividends, to receive dividends from such shares and to receive
the proceeds from the sale of such shares. None of these clients
holds more than five percent of the Common Stock of the Issuer.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable. BPAM, Boston Partners and Mr. Heathwood
expressly disclaim membership in a "group" as defined in Rule
13d-5(b)(1).
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below we certify that, to the best of our knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the effect
of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as participant in any transaction having that purpose or
effect.
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SIGNATURE
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct. We also hereby agree to file this statement jointly pursuant to
the agreement set forth as Exhibit 1 hereto.
Dated: February 12 , 1999
BOSTON PARTNERS ASSET MANAGEMENT, L.P.
By: Boston Partners, Inc.,
its general partner
By: /s/ Mary Ann Iudice
------------------------
William J. Kelly
Treasurer and Senior Vice President
by: Mary Ann Iudice
Attorney-in-Fact*
BOSTON PARTNERS, INC.
By: /s/ Mary Ann Iudice
------------------------
William J. Kelly
Treasurer and Senior Vice President
by: Mary Ann Iudice
Attorney-in-Fact*
/s/ Mary Ann Iudice
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Desmond John Heathwood
by: Mary Ann Iudice
Attorney-in-Fact**
* Signed pursuant to a Power of Attorney executed by William J. Kelly
(contained as Exhibit 24.2 to Amendment No. 2 of this Schedule 13G filed with
the Securities and Exchange Commission on March 10, 1998, and incorporated
herein by reference).
** Signed pursuant to a Power of Attorney executed by Desmond John
Heathwood (contained as Exhibit 24.1 to Amendment No. 2 of this Schedule 13G
filed with the Securities and Exchange Commission on March 10, 1998, and
incorporated herein by reference).
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Exhibit 1
AGREEMENT
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
the undersigned hereby agree that only one statement containing the information
required by Schedule 13G need be filed with respect to the ownership by each of
the undersigned of shares of Common Stock of RFS Hotel Investors, Inc.
This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original.
EXECUTED this 12th day of February, 1999.
BOSTON PARTNERS ASSET MANAGEMENT, L.P.
By: Boston Partners, Inc.
its general partner
By: /s/ Mary Ann Iudice
------------------------
William J. Kelly
Treasurer and Senior Vice President
by: Mary Ann Iudice
Attorney-in-Fact*
BOSTON PARTNERS, INC.
By: /s/ Mary Ann Iudice
------------------------
William J. Kelly
Treasurer and Senior Vice President
by: Mary Ann Iudice
Attorney-in-Fact*
/s/ Mary Ann Iudice
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Desmond John Heathwood
by: Mary Ann Iudice
Attorney-in-Fact**
* Signed pursuant to a Power of Attorney executed by William J. Kelly
(contained as Exhibit 24.2 to Amendment No. 2 of this Schedule 13G filed with
the Securities and Exchange Commission on March 10, 1998, and incorporated
herein by reference).
** Signed pursuant to a Power of Attorney executed by Desmond John
Heathwood (contained as Exhibit 24.1 to Amendment No. 2 of this Schedule 13G
filed with the Securities and Exchange Commission on March 10, 1998, and
incorporated herein by reference).
