Business Desk

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

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HOTELS


HOST MARRIOTT BUYS SHERATON NEW YORK, 37 OTHERS


Host Marriott agreed to buy 38 properties including the Sheraton New York Hotel & Towers from Starwood Hotels & Resorts Worldwide for about $3.4 billion, in the largest hotel deal this year. Host Marriott will pay $2.33 billion in stock and $1.06 billion in cash. Starwood will continue to manage the hotels.


– Bloomberg News


IN BRIEF


Knight Ridder will consider a sale of the company after its biggest shareholders demanded executives address a 20% drop in the stock … Dissident seat owners of the New York Stock Exchange said in court yesterday that Goldman Sachs, by advising both sides of the planned $6 billion acquisition of Archipelago, cheated the owners out of a better deal … A NYSE seat sold for a record $3.025 million yesterday, bolstering the Big Board’s defense against critics of its plan to purchase Archipelago … Pfizer this week will unveil studies on new heart and anti-smoking drugs that analysts say may help put the company’s drug development efforts on track after several recent regulatory setbacks.


– Bloomberg News and Associated Press

NY Sun
NEW YORK SUN CONTRIBUTOR

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.


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