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Starwood to offer shares
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November 13, 1997: 8:37 a.m. ET
REIT looks to issue $2 billion in stock to pay for acquisitions and repay debt
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NEW YORK (CNNfn) - Starwood Lodging Trust appears to have won the battle for ITT Corp. and now it's planning to issue more stock which may help pay for it.
Starwood (HOT) said Thursday that it has filed with the U.S. Securities and Exchange Commission for permission to offer up to $2 billion in stock.
The nation's largest hotel real estate investment trust said that it would use the money to pay for acquisitions and reduce its debt load. It did not, however, specify that the money would be used for the ITT acquisition.
The offering will be of common shares, preferred shares, warrants or debt securities, the Phoenix-based company said.
On Wednesday, ITT shareholders voted to re-elect its current board of directors, who are expected to accept Starwood's $10.2 billion merger offer over Hilton Hotel Corp.'s $9.3 billion bid.
Hilton CEO Stephen Bollenbach said his company would withdraw its offer if the preliminary results of the election were confirmed.
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