Luxury hotel owner Belmond said on Tuesday that its board would review the possibility of a sale of the company, sending shares of the operator of the famed 21 Club in New York nearly 19 per cent higher in after-hours trading.

The company has hired Goldman Sachs and JPMorgan as financial advisers as well as law firm Weil, Gotshal & Manges to assist in its strategic review.

Belmond, which has properties in Venice, Rio de Janeiro and St Petersburg, added that there could be no guarantee that a sale would be clinched.

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

Get alerts on Companies when a new story is published

Copyright The Financial Times Limited 2020. All rights reserved.
Reuse this content (opens in new window)

Comments have not been enabled for this article.

Follow the topics in this article