Brief: Hotel operator sells school stock
Thursday, Jan. 28, 1999 | 10:15 a.m.
Starwood said if all 7.95 million shares of the technical-school unit are sold by next Monday as expected, it would realize net proceeds of $310 million that it would use to reduce debt.
In June, Starwood sold about 13 million shares of ESI for about $305 million net.
Separately, Starwood said it and Koor Industries have bought five Moria brand hotels in Israel for $76 million.
Starwood will own 25 percent of the chain and manage the hotels.
Starwood said it anticipates an increase in tourism in Israel next year.
In Las Vegas, Starwood owns the Caesars Palace and Desert Inn resorts.
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