Last checked at 10 Nov 2010 09:08
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
10th November 2010 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st July to 9th November 2010 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.
A continuation of the occupancy-led recovery reported in the first half of the year has enabled the Group to increase average room rates closer to levels seen prior to the financial crisis in 2008. Most hotels within the portfolio have maintained or enhanced their market positions relative to the competition.
In October 2010, the Group announced it will manage a 362-room hotel with 210 serviced apartments currently under construction in the new Lujiazui Central Financial District in Pudong, Shanghai. The opening of Mandarin Oriental Jnan Rahma, Marrakech, previously scheduled for the end of 2010, will now not occur before the first quarter of 2011. A further 14 new hotels are under development, although some are experiencing delays and one previously announced project in Atlanta will not proceed.
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, 42 hotels representing over 10,000 rooms in 27 countries, with 18 hotels in Asia, 12 in The Americas and 12 in Europe, Middle East and North Africa. In addition, the Group operates, or has under development, 13 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
Stuart Dickie (852) 2895 9288
Sally de Souza (852) 2895 9167
GolinHarris
Annie Leung (852) 2501 7918
This and other Group announcements can be accessed through the Internet at 'www.mandarinoriental.com'.