CHICAGO—Strategic Hotels & Resorts, Inc., a real estate investment trust (REIT) which owns and provides value enhancing asset management of high-end hotels and resorts in the U.S. and Europe, has revealed that its board of directors is exploring possible strategic alternatives for the company, including its potential sale.
The company has retained J.P. Morgan as financial advisor. It currently has ownership interests in 18 properties with an aggregate of 8,199 rooms and 851,000 sq. ft. of multi-purpose meeting and banqueting space.
“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 CEO 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.”