Last checked at 13 Nov 2008 09:09
To: Business Editor For immediate releaseThe following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.MANDARIN ORIENTAL INTERNATIONAL LIMITEDInterim Management Statement13th November 2008 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st July to 12th November 2008 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom.During the period under review the Group's hotel occupancy levels were below last year's across the portfolio, the impact being partly offset by higher room rates in some key locations. It is anticipated that results for the remainder of the year will be affected by lower demand resulting from the more difficult economic conditions in many of the countries from which our visitors arrive. In October, Mandarin Oriental opened a new hotel in Boston, giving the Group 22 hotels in operation and a further 18 under development. The Group continues to liaise closely with developers to determine the timing of individual hotel projects as some are expected to be delayed in the current environment.The Group's financial position is strong and the long-term outlook remains positive due to the strength of the brand and the limited new supply of luxury hotels in the Group's key markets. Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. Mandarin Oriental's 40 hotels in operation or under development represent over 10,000 rooms in 24 countries, with 16 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 LimitedStuart Dickie (852) 2895 9288Sally de Souza (852) 2895 9167GolinHarrisKennes Young (852) 2501 7987This and other Group announcements can be accessed through the Internet at 'www.mandarinoriental.com'.