Zell has 7.7% ownership interest in Starwood Hotels & Resorts

By Lisa Kerner

Charlotte, N.C., Feb. 4 - Samuel Zell affiliate EGI-SSE I, LP acquired 14.75 million shares of Starwood Hotel & Resorts Worldwide, Inc. between Oct. 2 and Jan. 31 in open market purchases using working capital.

The price range for the shares was from $39.63 to $62.37 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

The average purchase price per share was $49.97, and the total purchase price was nearly $737 million, the filing stated.

The investors beneficially own 191 million shares, or 7.7%, of Starwood Hotel's outstanding stock.

Starwood Hotel operates luxury and upscale full-service hotels and resorts. The company is located in White Plains, N.Y.

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