Starwood Hotels & Resorts Worldwide has announced plans to explore “a full range of strategic and financial alternatives to increase shareholder value.” The company has retained investment bank Lazard to assist in the process.
“No option is off the table, and we will take the time we need to thoroughly evaluate our opportunities and achieve the best result for our shareholders, business partners, and associates,” Bruce W. Duncan, chairman of the board, said in a statement.
According to a report in The Wall Street Journal, the review could result in a variety of options, including the potential sale of the company, a sale of real estate, or acquisition of another company or of other brands.
Starwood said it does not intend to make any further comments on the review until it is complete.
In February, President and CEO Frits van Paasschen resigned and Adam Aron, a Starwood director since 2006, was named CEO on an interim basis.
