Hotel Firm Rejects Ross Buyout Offer: Los...
From Times Staff and Wire reports
Hotel Firm Rejects Ross Buyout Offer: Los Angeles-based Hotel Investors Trust and its affiliated hotel management company, Hotel Investors Corp., rejected a cash-and-stock buyout offer from New York investor Leonard M. Ross. Ross, who owns roughly 10% of Hotel Investors stock, made a bid for the concern last month. Given “the current depressed market for hotels,” Hotel Investors said it would scrap its efforts to sell its entire portfolio of hotels. Instead, Hotel Investors said it plans to focus on its holdings in the West and will try to sell its hotels in the East and Southeast, along with one of two hotel-casinos in Las Vegas.
