UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
AMENDMENT NO. 3
HOSPITALITY WORLDWIDE SERVICES, INC.
(f/k/a LIGHT SAVERS U.S.A., INC.)
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(Name of issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(Title of class of securities)
44106N 10 0
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(CUSIP number)
Louis Schwartz, Esq.
c/o Varner, Stephens, Humphries & White
3350 Cumberland Circle, Suite 1700
Atlanta, Georgia 30339
(770) 850-7000
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(Name, address and telephone number of person
authorized to receive notices and communications)
February 6, 1998
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(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 / /.
Check the following box if a fee is being paid with the statement / /. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
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.
*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 ("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. 44106N 10 0 13D Page 2 of 8 Pages
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================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Watertone Holdings LP
06-1453057
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO(1)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,300,000
OWNED BY
EACH
REPORTING
PERSON WITH
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8 SHARED VOTING POWER
Not Applicable
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9 SOLE DISPOSITIVE POWER
1,300,000
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10 SHARED DISPOSITIVE POWER
Not Applicable
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,300,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.0%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Shares issued in connection with an acquisition by the Issuer.
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CUSIP No. 44106N 10 0 13D Page 3 of 8 Pages
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================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Watermark Investments Limited, LLC
65-0762460
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO(1)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,300,000(2)
OWNED BY
EACH
REPORTING
PERSON WITH
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8 SHARED VOTING POWER
Not Applicable
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9 SOLE DISPOSITIVE POWER
1,300,000(2)
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10 SHARED DISPOSITIVE POWER
Not Applicable
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,300,000(2)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.0%
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14 TYPE OF REPORTING PERSON*
OO(3)
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Shares were issued in connection with an acquisition to Watertone Holdings,
LP, a Delaware limited partnership (the "Partnership").
(2) Watermark Investments Limited, LLC is the general partner of the
Partnership and consequently, is deemed to beneficially own the 1,300,000
shares of Hospitality Worldwide Services, Inc. ("Hospitality") common stock
held by the Partnership.
(3) Watermark Investments Limited, LLC is a Delaware limited liability Company.
<PAGE>
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CUSIP No. 44106N 10 0 13D Page 4 of 8 Pages
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================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert Berman
###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO(1)
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) / /
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
United States Citizen
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,300,000(2)
OWNED BY
EACH
REPORTING
PERSON WITH
------------------------------------------------------------------
8 SHARED VOTING POWER
Not Applicable
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9 SOLE DISPOSITIVE POWER
1,300,000(2)
------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
Not Applicable
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,300,000(2)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.0%
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14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) Shares were issued in connection with an acquisition to Watertone
Holdings, LP, a Delaware limited partnership (the "Partnership").
(2) Mr. Berman is the sole manager of Watermark Investments Limited, LLC,
the general partner of the Partnership and consequently, is deemed to
beneficially own the 1,300,000 shares of Hospitality Worldwide
Services, Inc. ("Hospitality") common stock held by the Partnership.
<PAGE>
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CUSIP No. 44106N 10 0 13D Page 5 of 8 Pages
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This Amendment No. 3 (the "Amendment No. 3") amends the Schedule
13D, dated July 17, 1996, as amended by Amendment No. 1 to Schedule 13D, dated
December 23, 1996 and Amendment No. 2 to Schedule 13 D, dated February 7, 1997
(collectively referred to as the "Schedule 13D") filed by Watertone Holdings LP.
Except as specifically amended hereby, the Schedule 13D remains in full force
and effect.
Defined terms herein shall have the meaning specified in the
Schedule 13D, except as otherwise provided herein.
Item 2 of the Schedule 13D is hereby amended in its entirety to
read:
Item 2. Identity and Background
(a) This statement is being filed by Watertone Holdings LP, a
Delaware limited partnership ("Watertone"). The sole general partner of
Watertone is Watermark Investments Limited, LLC, a Delaware limited liability
company ("Watermark"). The sole manager of Watermark is Robert Berman.
(b) Watertone has a business address at 225 West Washington
Street, Suite 2200, Chicago, Illinois 60609. Watermark has a business address at
225 West Washington Street, Chicago, Illinois 60609. Mr. Berman has a business
address at 926 Fifth Avenue, Apt. 5B, New York, New York 10021.
(c) Watertone's principal business is investment holdings.
Watermark's principal business is investment holdings. Mr. Berman's principal
business is 926 Fifth Avenue, Apt. 5B, New York, New York 10021.
(d) During the last five years, neither Watertone, Watermark nor
Robert Berman has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) During the last five years, neither Watertone, Watermark nor
Robert Berman has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction subjecting him to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, Federal or State securities laws or finding any
violation with respect to such laws.
(f) Watertone is a Delaware limited partnership. Watermark is a
Delaware limited liability company. Mr. Berman is a citizen of the United States
of America.
<PAGE>
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CUSIP No. 44106N 10 0 13D Page 6 of 8 Pages
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Item 4. Purpose of Transaction.
Watertone acquired the shares of common stock in order to obtain
an equity position in Hospitality. It intends to hold the shares of common stock
for investment purposes and not to facilitate a possible acquisition of control
of Hospitality. Notwithstanding the foregoing, however, depending on the
pricing, availability of the common stock, future developments at and pertaining
to Hospitality, other investment and business opportunities available to
Watertone, and general economic conditions, Watertone or its affiliates may
determine to purchase, in the open market, in privately negotiated transactions,
or otherwise, additional shares of common stock or otherwise seek to obtain
control of Hospitality. In addition, depending on the factors described above,
Watertone also may determine to sell in the open market, in privately negotiated
transactions, or otherwise, all or part of their shares of Hospitality common
stock.
On October 31, 1996, pursuant to a reorganization of Watertone's
assets and through an amendment and restatement of Watertone's Agreement of
Limited Partnership, Watertone transferred its interest in 500,000 shares of
Hospitality common stock to the then general partner of Watertone, Watertone
LLC, a Delaware limited liability company, effectively reducing its intererest
in Hospitality to 1,800,000 shares of common stock.
On January 21, 1997, pursuant to a Redemption Agreement, Watertone
paid to Watertone LLC $4,220,454 in redemption of Watertone LLC's entire
interest in Watertone. As of such date, Watertone LLC is no longer Watertone's
general partner.
As of January 21, 1997, pursuant to an Amendment to Watertone's
Agreement of Limited Partnership, Watermark became the general partner of
Watertone.
On February 6, 1998, Watertone sold 500,000 shares of Hospitality
common stock in a privately negotiated transaction, effectively reducing its
interest in Hospitality to 1,300,000 shares of common stock.
Item 5 of the Schedule 13D is hereby amended in its entirety to
read:
Item 5. Interest in Securities of the Issuer
(a) As of the date hereof, each of Watertone, Watermark and Robert
Berman beneficially owned 1,300,000 shares of Hospitality Common Stock. Such
shares constitute 11.0% of the shares of Hospitality common stock outstanding as
of the date hereof. As of the date hereof there were 8,859,689 shares of
Hospitality common stock outstanding.
(b) Robert Berman, as the sole manager of Watermark, which is the
sole general partner of Watertone, has sole power to
<PAGE>
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CUSIP No. 44106N 10 0 13D Page 7 of 8 Pages
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vote and to dispose of all of the shares of Hospitality common stock referred to
in paragraph (a) above.
(c) See "Item 3. Source and Amount of Funds and Other
Consideration" above for information as to shares of Hospitality common stock
recently acquired or disposed of by Watertone. Except as disclosed therein,
Watertone has not acquired, within the past 60 days, any shares of Hospitality
common stock.
(d) No person other than Watertone has the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the shares of Hospitality common stock that are the subject of this Schedule
13D.
(e) Not applicable.
Item 7. Exhibits to Amendment No. 3 to Schedule 13D.
1. Joint Filing Agreement, dated as of February 10, 1998, by and
among Watertone Holdings, L.P., Watermark Investments Limited, LLC and Robert
Berman.
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CUSIP No. 44106N 10 0 13D Page 8 of 8 Pages
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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.
Dated: February 10, 1998
WATERTONE HOLDINGS LP
By: WATERMARK INVESTMENTS
LIMITED, LLC, its General
Partner
By:/s/ Robert Berman
--------------------------------
Robert Berman
Manager
WATERMARK INVESTMENTS LIMITED,
LLC
By:/s/ Robert Berman
------------------------------------
Robert Berman
Manager
/s/ Robert Berman
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Robert Berman, Individually
JOINT FILING AGREEMENT
Each of the undersigned hereby agree that the statement on
Amendment No. 3 to Schedule 13D with respect to the common stock, $.01 par value
per share, of Hospitality Worldwide Services, Inc. f/k/a Light Savers U.S.A.,
Inc., dated February 10, 1998 is, and any amendments thereto signed by each of
the undersigned, shall be filed on behalf of each of the undersigned pursuant to
and in accordance with the provisions of Rule 13d-1(f) of the Securities
Exchange Act of 1934.
Dated: February 10, 1998
WATERTONE HOLDINGS LP
By: WATERMARK INVESTMENTS
LIMITED, LLC, its General
Partner
By:/s/ Robert Berman
--------------------------------
Robert Berman
Manager
WATERMARK INVESTMENTS LIMITED,
LLC
By:/s/ Robert Berman
------------------------------------
Robert Berman
Manager
/s/ Robert Berman
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Robert Berman, Individually
