BANGKOK Starwood Hotels & Resorts Worldwide offered to buy Thailand-based Royal Orchid Hotel Plc, which runs the 700-room Royal Orchid Sheraton hotel here, for $62.5 million. Starwood offered to pay 29 baht, or $0.6733 for each Royal Orchid share. The offer will be effective from March 12 to April 18. Royal Orchid s shares fell 3.2% to 30 baht or $0.6965 following the offer.
Royal Orchid said it will appoint an independent adviser for an opinion on Starwood s bid. Thai Airways International Plc owns 24% of the hotel while Italian-Thai Development Plc owns another 20%. (3/9/01)
SOURCE:Bloomberg News