In addition, the owner and manager of 740 hotel properties is dropping its requirement that a majority of unit holders tender their shares before a deal for the 774-room hotel on the Magnificent Mile goes through. Starwood claims its most recent offer is superior to the $725 per unit offer by Kalmia Investors LLC earlier this month.
Starwood also suggests investors who have tendered their partnership units to Kalmia Investors can withdraw their offers in favor of its proposal.
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