Starwood Still in Play as Strategic Review and CEO Search Drag On
Photo Credit: Sheraton is the largest part of Starwood's business and Sheraton's prospects will be key to the fate of the overall company. Pictured is the bar at the Sheraton New York Times Square in April 2015. Sheraton Hotels
Skift Take
Has Starwood done enough in the six months since it began looking at strategic alternatives to maintain the status quo? Not likely at all.
Starwood's financial performance in the second quarter, when it detailed progress on several key fronts including asset sales and hotel-pipeline growth, has apparently not slowed its search for a permanent CEO and the hotel chain's consideration of strategic and financial alternatives.
In response to speculation that Starwood's review of strategic and financial alternatives had been completed in light of improved performance or other factors, a Starwood spokesperson told Skift yesterday: "Both Starwood’s CEO search and review of strategic and financial alternatives are ongoing. The board has made no decisions and all options are still on the table.”
This potential Starwood reboot dates at least to February 17 when the company stunned the hotel industry and Wall Street with the resignation of CEO Frits van Paasschen. A little more than two months later, on April 29, Starwood, which has 10 brands ranging from its bedrock Sheraton brand to the W, Aloft and Le Meridien, announc
