Real estate investment trust Strategic Hotels & Resorts Inc. this week announced that its board of directors is exploring strategic alternatives for the company that could include the sale of the firm.
The company has retained J.P. Morgan as financial adviser.
"Our board of directors and management team remain committed to acting in the best interests of our shareholders," Raymond "Rip" Gellein, chairman and CEO of Strategic Hotels & Resorts Inc., said. "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."
Strategic Hotels & Resorts Inc. officials will make no further public statements until final decisions are made.
The company owns and provides asset management for high-end hotels and resorts throughout the United States and Europe. For more information, visit www.strategichotels.com.