NEW BUSINESS
Graves Hospitality Corp., Minneapolis, said it is taking over management and redevelopment of two hotels in the downtown St. Paul market, the Crowne Plaza St. Paul Riverfront Hotel at 11 Kellogg Blvd. E., and the DoubleTree St. Paul Downtown Hotel at 411 Minnesota St. The acquisition of these two hotels comprises nearly half of the hotel rooms in downtown St. Paul. The hotels were purchased as part of an investment diversification mission by the Mille Lacs Band of Ojibwe, returning the hotel's ownership back to Minnesota.
Sun Country Airlines, Eagan, said that it will be operating twice-daily nonstop flights into Chicago-Midway from Minneapolis-St. Paul International Airport Terminal 2, beginning July 1, and is now taking bookings.
DEBT AND EQUITIES
Hormel Foods Corp., Austin, authorized a stock dividend of 17 cents per common share, payable May 15 to stockholders of record on April 22.
Two Harbors Investment Corp., Minnetonka, announced the final distribution ratio for the special dividend of its shares of common stock in Silver Bay Realty Trust Corp. The special committee of the company's board of directors declared a special dividend pursuant to which the company will distribute, on a pro rata basis, 17.8 million shares of Silver Bay common stock to Two Harbors stockholders of record at the close of business on April 2. Two Harbors stockholders will receive approximately 0.049 shares of Silver Bay common stock for each share of Two Harbors common stock they own of record as of April 2, subject to the liquidation of fractional shares for which stockholders will receive cash in lieu. The stock dividend is payable on or about April 24.
PERSONNEL
Patterson Cos. Inc., Mendota Heights, said Scott Anderson, president and chief executive officer, has been elected chairman of the board, effective April 28. Anderson succeeds Peter Frechette, who has been chairman since 1985. Frechette has been named chairman emeritus and will serve out his current term as a director, which ends in September.
