STAMFORD, CT (April 30, 2015) — Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that its Board of Directors has determined to explore a full range of strategic and financial alternatives to increase shareholder value, and has retained Lazard to assist in the process.
Bruce W. Duncan, Chairman of the Board, said, “Our Board has always been focused on maximizing long-term
shareholder value, and this is a time of enormous opportunity and change in our industry. Accordingly, we will thoroughly explore the full range of strategic and financial alternatives available to Starwood to capitalize on our industry-leading global platform and best-in-class premium brands. 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.”
The Board is in the beginning stage of the strategic and financial review, and no assurance can be given as to its outcome or timing. The Company does not intend to make any further public comment regarding the review until it has been completed.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 1,200 properties in some 100 countries and over 180,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, element® and the recently introduced Tribute Portfolio™. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG®), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood recently announced plans to spin off its Starwood Vacation Ownership, Inc. business, a premier provider of worldclass vacation experiences through villa-style resorts and privileged access to Starwood brands, into a standalone public company by the end of 2015. For more information, please visit www.starwoodhotels.com.
PRESS RELEASE SOURCE: Starwood Hotels & Resorts Worldwide