I see that Smith Travel asked someone who estimated $10 to $11. I rather like Orange Capitals $11 to $14 better. Any thoughts anyone?
CHICAGO—Strategic Hotels and Resorts has hired investment bank Eastdil Secured to arrange a sale of the company, according to news reports.
Ryan Meliker, a senior analyst with MLV & Company, wrote in a research note that the company could sell for about $10 a share, above yesterday’s closing quote of $8.44, but below the value of the company’s portfolio if its assets are divided and sold to other investors, a value he pegged as $11 a share.
Strategic Hotels & Resorts (NYSE:BEE): JMP Securities contends that Strategic could be worth up to $13 per share, after the company hired an investment bank to seek its selling options. The firm keeps a $9 price target and Outperform rating on the shares.
ISI Group today maintained a Buy rating on Strategic Hotels & Resorts (NYSE: BEE) and raised its price target to $11.00 (from $9.75). Yesterday it was rumored that Strategic Hotels is seeking a sale.
Analyst Ian Weissman, citing talks with industry contacts, said he thinks private equity are likely buyers and not Host Hotels & Resorts (NYSE: HSI). He also said he thinks the company might be purchased for more than $11/ share.
Potential suitors include Carlyle, TPG, and Blackstone, thinks ISI.