OTHER NEWS - Aug. 22, 1994

Savoy, Forte Hotel Groups to Combine Management: Savoy Hotel and Forte, the British-based rivals that run some of the world’s finest hotels, have agreed on a joint venture, London’s Independent newspaper reported. It said that management of all the Savoy hotels--including the Connaught and Claridges in London and the Lancaster in Paris--and of some or all of Forte’s luxury-class hotels will be combined. Three key trusts that hold about 40% of Savoy’s voting rights reportedly forged the agreement with Forte, which is based on a plan offered by Morgan Stanley Bank. Since Forte’s unsuccessful attempt to take control of Savoy in the late 1980s, Forte has held 42.1% of the voting rights.