DTLL Seeks to Acquire Grand Sierra Resorts
BLOOMINGTON, MN, March 07, 2006. In an effort to acquire Grand Sierra Resorts, DTLL, Inc., stated it is going to offer shareholders of Grand Sierra Resorts Corp. a 25% premium over another stated price for the shares.
DTLL will offer one share of newly issued DTLL Series A Preferred Equity Redeemable Convertible Stock with a stated value of $20 per share for every 16 shares of Grand Sierra Resorts Common stock. This would be an offer of $1.25 per GSR common share and a 25% premium to the recent GSR Private Placement Memorandum price of $1 per share.
According to reports, DTLL intends to acquire the remaining 49% of GSR through the tender offer and with the option to purchase 51% from Angela Whichard, Inc, would own 100% of GSR. GSR is under contract to purchase the Reno Hilton from Harrah's Entertainment.
DTLL also said that it will be known as Destination Travel and Leisure International and will have three business divisions. The three new business divisions will be casinos and gaming; hotels and resorts and a real estate investment trust.
DTLL confirmed Drhu Desai and Steve Roberts will remain as outside directors of the company. John Paulsen will remain as chairman/CEO. The company has appointed Dual Cooper as its President. DTLL also appointed of Dennis Piotrowski chief financial officer.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
