(By Balaseshan) Strategic Hotels & Resorts Inc. (NYSE: BEE) said Laurence Geller is stepping down as president, chief executive officer and member of its board of directors, effective immediately. The company reaffirmed its full-year guidance.
Raymond Gellein Jr., chairman of the company's board of directors, will assume the additional role of chief executive officer. Geller will serve in an advisory role to Gellein until the end of the year.
Gellein's assumption of the CEO role is consistent with the company's succession plan. He has been a member of the company's board of directors since August 2009 and has served as its chairman since August 2010.
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Geller has been the CEO of Strategic Hotels since it was founded in 1997 and has a long career in the lodging industry spanning more than 45 years.
In addition, the company reaffirmed its full-year 2012 comparable funds from operations (FFO) outlook of $0.21 to $0.29 per share, while Street predicts $0.27 per share.
BEE also reaffirmed its revenue per available room (RevPAR) forecast of $180 million to $183 million and its total RevPAR estimate of $330 million to $336 million.
BEE closed Friday's regular session up 0.36% at $5.57. The stock has been trading between $4.33 and $7.01 for the past 52 weeks.