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Luxury hotel owner Strategic Hotels to explore sale (8/17/15)

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Enterprising Investor Member Level  Friday, 08/21/15 10:57:19 AM
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Luxury hotel owner Strategic Hotels to explore sale (8/17/15)

Luxury hotel owner Strategic Hotels & Resorts Inc (BEE.N) said it was exploring strategic alternatives, including a sale, sending its shares up 4.5 percent in premarket trading.

The company, which has a market capitalization of about $3.8 billion, said on Monday it had hired J.P. Morgan as financial adviser.

Strategic Hotels' portfolio comprises hotels such as Marriott International Inc's (MAR.O) Ritz-Carlton and JW Marriott luxury brands.

Cascade Investment LLC, Strategic Hotels' second-largest shareholder, said separately it had entered into a "confidentiality and standstill agreement" with the company for sharing certain non-public information.

Bloomberg reported in July that Strategic Hotels had hired a bank to help find a buyer and that Ebay Inc (EBAY.O) founder Pierre Omidyar was among those interested.

Strategic Hotels' shares were trading up at $14.55 before the bell.

Up to Friday's close of $13.92, the stock had risen about 7 percent since July 22, the day before the Bloomberg report.

http://www.reuters.com/article/2015/08/17/us-strategic-hotels-offer-idUSKCN0QM1A620150817

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