Court Interprets Limited Partners' Rights to Be Very Restricted

Business Valuation UpdateVol. 4 No. 1
Legal and Court Case Update
January 1998

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7011 Hotels and Motels
721110 Hotels (except Casino Hotels) and Motels
breach of fiduciary duty
partnership agreement, tender offer
In re Marriott Hotel Properties II
1997 Del. Ch. LEXIS 128
September 17, 1997
US
State Court
Delaware
Court of Chancery
Lamb

Summary

In 1988, Host Marriott arranged to form a limited partnership to own three hotels and a 50% interest in a fourth.

See Also

In re Marriott Hotel Properties II

Full Text of Court Cases
September 17, 1997

At issue is plaintiff's contention that the purchase price for any and all of the outstanding limited partnership units should have included a control premium and the defendants had a fiduciary duty.