Last checked at 9 Nov 2011 09:10
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 November 2011 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st July to 8th November 2011 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.
Despite the uncertain economic environment, demand levels were sufficient in most markets to enable average rates to continue to increase when compared to the same period in 2010. Earnings were, however, impacted by losses at Mandarin Oriental, Tokyo. Although occupancy at the hotel is gradually improving, it has yet to return to levels achieved prior to the earthquake and tsunami in March 2011.
Following its soft opening at the end of June, the Paris hotel was officially launched in late September and is now operating with its full inventory of 138 rooms.
The Group has 14 hotels under development, with the next opening scheduled to be in Guangzhou in the third quarter of 2012.
The Group's financial position remains strong, with net debt in line with what was reported at half year.
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, 41 hotels representing over 10,000 rooms in 26 countries, with 18 hotels in Asia, 12 in The Americas and 11 in Europe and the Middle East. In addition, the Group operates, or has under development, 12 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'.