HOULIHAN LOKEY HOWARD & ZUKIN LETTERHEAD]Westin Hotels LTD Partnership • December 29th, 2003 • Hotels & motels
We understand that WHLP Acquisition LLC (the “Purchaser”), a newly-formed, wholly owned subsidiary of Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), who, through affiliates, owns all of the shares of the General Partners (defined herein) of WHLP (defined herein), has offered to purchase 100 percent of the limited partnership interests (“Units”) of Westin Hotels Limited Partnership (“WHLP”). The cash purchase price is equal to $700.00 per Unit without interest reduced by any cash distributions made or declared on or after December 22, 2003 (to the extent the Purchaser does not receive such distributions with respect to any Units accepted for payment) (the “Offer Price”). The $50.00 transfer fee charged by WHLP for each transfer will be the responsibility of the Purchaser. In connection with the tender offer, the Purchaser is soliciting the consent of unitholders to proposals that would facilitate acquiring 100 percent of the partnership interests in WHLP. These include proposal
