Strategic Hotels & Resorts explores alternatives

Strategic Hotels & Resorts announces that its board of directors is ?exploring possible strategic alternatives? for the company, including its potential sale. It 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,? says Raymond L. ?Rip? Gellein, chairman and CEO. ?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.?
A statement said: ?The company does not intend to make any further public announcements regarding this matter prior to the completion of this exploration.?
Strategic Hotels & Resorts?is a real estate investment trust that owns and provides value enhancing asset management of high-end hotels and resorts in the United States?and?Europe. It 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.