Last checked at 5 Jun 2017 07:00
To: Business Editor For immediate release
This announcement contains Inside Information.
MANDARIN ORIENTAL TO REVIEW LONG-TERM STRATEGIC OPTIONS FOR THE EXCELSIOR, HONG KONG
5th June 2017 - Mandarin Oriental International Limited (the 'Company') today announced that it is undertaking a review of its long-term strategic options with regard to The Excelsior, Hong Kong. The hotel is situated on a prime commercial water-front site in the Causeway Bay District of Hong Kong and is the Group's only property that is not branded as Mandarin Oriental.
As part of this review, and in light of the current strong commercial property valuations in Hong Kong, the Company has decided to test market interest in the possible sale of the property, which has approval for the development of a commercial building with a Gross Floor Area of some 63,500 sqm on the site.
No decision has yet been made as to the preferred course of action, and it would be premature to speculate on the outcome of the review at this time. A further announcement will be made as required.
Mandarin Oriental currently operates 29 hotels and eight residences in 19 countries and territories. The Group's hotels are all five star luxury properties, with the exception of The Excelsior, Hong Kong which is a leading four star hotel. It also has a strong pipeline of hotels and residences under development. Mandarin Oriental International Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore. It is a member of the Jardine Matheson Group.
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For further information, please contact:
Brunswick Group Limited
Joanna Donne (852) 9221 3930
Karin Wong (852) 9755 6265
Tom Burns (44) 20 7396 5308
This and other Group announcements can be accessed through the internet at 'www.mandarinoriental.com'.