CHICAGO, Aug. 17, 2015 /PRNewswire/ -- Strategic
Hotels & Resorts, Inc. (NYSE: BEE) announced today 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.
About the Company
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.
For a list of current properties and for further information,
please visit the Company's website at www.strategichotels.com.
This press release contains forward-looking statements about
Strategic Hotels & Resorts, Inc. (the "Company"). Except for
historical information, the matters discussed in this press release
are forward-looking statements subject to certain risks and
uncertainties. These forward-looking statements include statements
regarding the Company's strategy, future financial results,
stabilization in the lodging space, positive trends in the lodging
industry and the Company's continued focus on improving
profitability. Actual results could differ materially from
the Company's projections. Factors that may contribute to these
differences include, but are not limited to the following: the
effects of economic conditions and disruptions in financial markets
upon business and leisure travel and the hotel markets in which the
Company invests; the Company's liquidity and refinancing demands;
the Company's ability to obtain, refinance or extend maturing
debt; the Company's ability to maintain compliance with covenants
contained in its debt facilities; stagnation or deterioration in
economic and market conditions, particularly impacting business and
leisure travel spending in the markets where the Company's hotels
operate and in which the Company invests, including luxury and
upper upscale product; general volatility of the capital markets
and the market price of the Company's shares of common stock;
availability of capital; the Company's ability to dispose of
properties in a manner consistent with its investment strategy and
liquidity needs; hostilities and security concerns, including
future terrorist attacks, or the apprehension of hostilities, in
each case that affect travel within or to the United States, Germany or other countries where the Company
invests; difficulties in identifying properties to acquire and
completing acquisitions; the Company's failure to maintain
effective internal control over financial reporting and disclosure
controls and procedures; risks related to natural disasters;
increases in interest rates and operating costs, including
insurance premiums and real property taxes; contagious disease
outbreaks; delays and cost-overruns in construction and
development; marketing challenges associated with entering new
lines of business or pursuing new business strategies; the
Company's failure to maintain its status as a REIT; changes in the
competitive environment in the Company's industry and the markets
where the Company invests; changes in real estate and zoning laws
or regulations; legislative or regulatory changes, including
changes to laws governing the taxation of REITs; changes in
generally accepted accounting principles, policies and guidelines;
and litigation, judgments or settlements.
Additional risks are discussed in the Company's filings with
the Securities and Exchange Commission, including those appearing
under the heading "Item 1A. Risk Factors" in the Company's most
recent Form 10-K and subsequent Form 10-Qs. Although the Company
believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. The
forward-looking statements are made as of the date of this press
release, and the Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required
by law.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/strategic-hotels--resorts-exploring-strategic-alternatives-300129052.html
SOURCE Strategic Hotels & Resorts, Inc.