Zell builds stake in Starwood Hotels to nearly 8%

02/6/2008 | GlobeSt.com · LoHud.com

Billionaire real estate investor Samuel Zell and entities he controls built their stake in Starwood Hotels & Resorts Worldwide to 7.7% of outstanding shares. Between October and the end of January, Zell bought 14.8 million additional shares "solely for the purpose of investment," according to a filing with the Securities and Exchange Commission. Zell "has no intention of participating in the formulation, determination or direction of the basic business decisions" of Starwood or any of its affiliates, the SEC disclosure said.

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