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Is Zell Angling For Starwood Hotels?

A recent SEC filing raises the question.

By Maria Wood | Updated on February 12, 2009

Late last year, a confidentiality agreement was struck between Starwood Hotels & Resorts Worldwide Inc. and Sam Zell’s Equity Group Investments LLC, setting off a flurry of speculation about what the move means. EGI currently owns roughly 14.8 million shares of the White Plains-based company. The agreement, filed with the SEC on Dec. 29, allows for the sharing of information between the two companies regarding the operations and assets of Starwood.

The form also stipulates that EGI will not make an offer for the company without the prior consent of Starwood’s board of directors. A spokesperson for EGI declined to comment on the matter. Repeated calls to Starwood were not returned by press time.

A brief written by C. Patrick Scholes, a senior lodging analyst at Friedman, Billings, Ramsey & Co. Inc. in Arlington, VA, points out that between October 2007 and January 2008, EGI acquired the stock at an average price of $50 a share. On Jan. 13, the stock was trading at around $18 a share.

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