Luxury hotel owner Strategic Hotels & Resorts, whose portfolio comprises hotels such as Marriott International’s Ritz-Carlton and JW Marriott brands, said it was exploring strategic alternatives, including a sale.

The news sent its shares up 4.5 per cent in premarket trading.

The company, which has a market capitalization of about $3.8 billion, said on Monday it had hired J.P. Morgan as financial adviser.

Cascade Investment, Strategic Hotels' second-largest shareholder, said separately it had entered into a "confidentiality and standstill agreement" with the company for sharing certain non-public information.

Bloomberg reported in July that Strategic Hotels had hired a bank to help find a buyer and that Ebay founder Pierre Omidyar was among those interested.

Strategic Hotels' shares were trading up at $14.55 before the bell.

Up to Friday's close of $13.92, the stock had risen about 7 percent since July 22, the day before the Bloomberg report. – Reuters