Press Release
August 23, 2000
WHITE PLAINS, NY -- Westin Realty Corp. (the ``General Partner''), the general partner of Westin Hotels Limited
Partnership (``WHLP''), has been notified that an unsolicited tender offer was commenced on August 14, 2000 by
First Commercial Guarantee (``First Commercial'') to purchase approximately 3.81% of WHLP's limited partnership
units at a price of $200 per unit less any cash distributions made on or after July 1, 2000 and less certain transfer
fees. After review of the offer being made by First Commercial, the Board of Directors of the General Partner recommends
that limited partners do not tender their limited partnership units to First Commercial. The reasons for the General
Partner's recommendation include the fact that First Commercial's offer is substantially below recent market sales
of units and the unfair terms of First Commercial's offer. Neither the General Partner or any of its officers or
directors is affiliated with First Commercial.
First Commercial's offer, commonly referred to as a ``mini-tender offer,'' is not subject to the filing, disclosure
and procedural requirements of the federal securities laws and regulations because it is for less than 5% of the
outstanding units of WHLP. The Securities and Exchange Commission (``SEC'') has issued an investor alert regarding
mini-tender offers, which can be accessed at the SEC's website at www.sec.gov/consumer/keyword/tminiten.html.
Among other things, the SEC recommends that before accepting a mini-tender offers, limited partners should determine
the market price, determine the tender price, consult with their broker or financial advisor and determine where
to get the best price if they want to sell. The SEC warns investors not to assume that a premium over the market
is being offered for their units.
For further information please contact ResourcePhoenix.com, WHLP's investor relations manager, at 800/323-5888.
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Contact:
Resource/Phoenix for WHLP
Investor Relations, 800/323-5888