Strategic Hotels & Resorts, Inc. (NYSE: BEE) announced yesterday that its Board of Directors is exploring possible strategic alternatives for the Company, including the potential sale of the Company. The Company has retained J.P. Morgan as financial advisor.
"Our Board of Directors and management team remain committed to acting in the best interests of our shareholders," said Raymond L. "Rip" Gellein, Chairman and Chief Executive Officer of Strategic Hotels & Resorts, Inc. "We are confident in our strategic plan and the value we have created for our shareholders. At the same time, we are always open to ways in which we can further maximize shareholder value."
There can be no assurance that the Company will enter into any transaction at this time or in the future. The Company does not intend to make any further public announcements regarding this matter prior to the completion of this exploration.
Strategic Hotels & Resorts, Inc. is a real estate investment trust (REIT) which owns and provides value enhancing asset management of high-end hotels and resorts in the United States and Europe. The Company currently has ownership interests in 18 properties with an aggregate of 8,199 rooms and 851,000 square feet of multi-purpose meeting and banqueting space.
Logos, product and company names mentioned are the property of their respective owners.