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SAN FRANCISCO, CA – NOVEMBER 16: A sign is actually posted in front of a Marriott hotel on November 16, 2015 in San Francisco, California. Marriott International announced plans to purchase Starwood Hotels & Resorts for $12.2 billion. The deal could create the entire world’s largest hotel company. (Photo by Justin Sullivan/Getty Images)
Marriott International said on Friday which was evaluating activist investor Jonathan Litt’s nomination for a seat on the hotel chain’s board.
Litt is actually the founder of hedge fund Land & Buildings Investment Management, which owned a 0.03 percent stake in Marriott as of Dec. 31.
Land & Buildings in recent weeks has privately urged Marriott to consider culling its 30 brands to better align itself with competitors such as Hilton Worldwide Holdings, the Wall Street Journal had reported earlier on Friday.
Land & Buildings spokesman declined to comment.
Shares of Marriott, which owns the Ritz-Carlton in addition to St. Regis luxury hotel brands, rose as much as 4.36 percent to $124.83 on Friday, in addition to were last up 1.8 percent at $121.79 in morning trade.
Up to Thursday’s close, Marriott’s shares had risen about 121 percent within the past 5 years, outperforming an about 82 percent increase in rival Hilton’s stock in addition to a 51 percent jump within the S&P 500 index.
Earlier which month, Marriott’s Chief Executive Officer Arne Sorenson apologized before a U.S. Senate panel for a massive data breach involving up to 383 million guests in its Starwood hotels reservation system in addition to vowed to protect against future attacks.