Last checked at 12 Nov 2009 09:09
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.
MANDARIN ORIENTAL INTERNATIONAL LIMITED
Interim Management Statement
12th November 2009 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st July to 11th November 2009 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom.
In the face of continued weakness in the overall demand from both the corporate and leisure segments, occupancy levels and average room rates remained under pressure. While all regions have been affected, conditions in Europe were less challenging than in Asia and The Americas. Across the portfolio the Group's hotels have done well to maintain their relative market positions.
Mandarin Oriental, Jakarta reopened in October after a two-year US$50 million renovation, and has been well received by guests and the local community. New Mandarin Oriental hotels will open in Barcelona and Las Vegas before the end of 2009. The opening of Mandarin Oriental Jnan Rahma, Marrakech, previously scheduled before the end of the year, is now due in the first half of 2010, along with the new 215-room Mandarin Oriental, Macau. Of the Group's other 14 new hotel projects, nine are under construction, but a number are experiencing delays as the developers seek project funding.
The Group remains in a strong financial position with net debt in line with what was reported at the half year.
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. The Group now operates, or has under development, 41 hotels representing over 10,000 rooms in 25 countries, with 17 hotels in Asia, 14 in The Americas and ten in Europe and North Africa. Mandarin Oriental International Limited is incorporated in Bermuda and listed in London, Bermuda and Singapore. It is a member of the Jardine Matheson Group.
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For further information, please contact:
Mandarin Oriental Hotel Group International Limited
Stuart Dickie (852) 2895 9288
Sally de Souza (852) 2895 9167
GolinHarris
Kennes Young (852) 2501 7987
This and other Group announcements can be accessed through the Internet at 'www.mandarinoriental.com'.