Strategic Hotels & Resorts Inc., the owner of luxury lodgings from New York’s Essex House to the Ritz-Carlton Half Moon Bay in California, is turning into a takeover candidate after its founder’s abrupt exit.
Strategic Hotels & Resorts Inc., a real estate investment trust with stakes in luxury hotels, jumped the most in more than two years, after Chief Executive Officer Laurence Geller announced his resignation.
Strategic Hotels & Resorts Inc. , owner of the Four Seasons in Washington, plans to double earnings within three years, helped by cost cuts and a travel recovery, the company’s chief executive officer said today.
Laurence Geller, who runs luxury hotels around the globe, figures it will cost him half a million dollars when his adopted hometown, Chicago, hosts world leaders this month at a North Atlantic Treaty Organization summit.
Strategic Hotels & Resorts Inc. will be able to rework or replace five loans approaching maturity as financial institutions regain their eagerness to lend to lodging owners, Chief Executive Officer Laurence Geller said.
A new high-end hotel in Manhattan’s Union Square will have either an art gallery, doctor’s office or yoga center, part of a plan to generate more than 10 percent of the property’s revenue through sources beyond its 175 rooms.