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Belmond shares soar 37% on review of potential sale, other strategic options

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Belmond shares soar 37% on review of potential sale, other strategic options

Shares of Belmond Ltd. jumped 37% to $15.27 per share at market open Thursday, Aug. 9, after the luxury hotel operator said its board is evaluating a full range of strategic alternatives, including a possible sale.

"We have made meaningful progress toward our long-term strategic goals, including growing earnings, increasing brand awareness and expanding our global footprint. We believe that now is the right time to conduct a strategic review process in order to enhance value for shareholders," Belmond Chairman Roland Hernandez said in an Aug. 8 statement.

Belmond operates in 24 countries, and its iconic properties include the Belmond Hotel Cipriani in Venice; Belmond-Copacabana Palace in Rio de Janeiro; Belmond El Encanto in Santa Barbara, Calif.; and the 21 Club restaurant in New York.

The company tapped Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as its financial advisers for the review.