In a statement, the company said Wednesday that it has retained Lazard to assist in the process.
Stamford, Connecticut-based Starwood also reported better-than-expected first-quarter financial results. Profit fell 28 per cent to $99 million, or 58 cents per share. Earnings, adjusted for non-recurring costs, were 65 cents per share. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
Revenue fell 3 per cent to just under $1.42 billion. Eight analysts surveyed by Zacks expected $1.4 billion.
Looking ahead, the owner of Sheraton and St. Regis hotels expects its per-share earnings to range from 70 cents to 74 cents in the current quarter and it expects full-year earnings in the range of $2.94 to $3.04 per share.
Its shares jumped $6.88, or 8.5 per cent, to $87.68 in late afternoon trading.