Last checked at 9 May 2012 12:32
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
9th May 2012 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st January to 8th May 2012 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.
Average rates at most of the Group's hotels increased over the comparative period in 2011 in response to continuing demand. Further recovery from the effects of last year's natural disasters was also seen in both Tokyo and Bangkok as the hotels moved towards more normal levels of trading. The economic outlook in a number of the Group's markets, however, remains challenging.
During the period, the Group added a further three long-term hotel management contracts to its growing portfolio. In the United States the Group has begun managing the rebranded Mandarin Oriental, Atlanta, an existing 127-room luxury hotel, while announcements have been made of new resort hotels under development in Bodrum, Turkey and Marrakech, Morocco. The Group now has under development 16 hotels and 9 Residences projects, with the next opening scheduled to be in Guangzhou at the end of the year.
The Group remains in a strong financial position with net debt in line with the prior year end.
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. Mandarin Oriental now operates, or has under development, 44 hotels representing almost 11,000 rooms in 28 countries, with 18 hotels in Asia, 13 in The Americas and 13 in Europe, Middle East and North Africa. In addition, the Group operates, or has under development, 14 Residences at Mandarin Oriental connected to its properties. Mandarin Oriental International Limited is incorporated in Bermuda and has a premium 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:
Mandarin Oriental Hotel Group International Limited
Craig Beattie (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'.