Brief: Starwood shareholders approve conversion

Starwood, owner of Caesars Palace and the Desert Inn in Las Vegas, is shedding its status as a "paired-share" REIT.

Starwood's decision to convert to a corporation came after Congress placed new limits on the tax advantages of paired-share REITs. The tax changes prevent Starwood from placing future acquisitions under its paired-share structure.

As a paired-share REIT, Starwood operates as both a regular REIT and a corporation whose shares are paired together and trade as a unit.

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