Last checked at 5 May 2010 12:35
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
5th May 2010 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st January to 4th May 2010 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom.
Strengthening demand, primarily from the corporate segment, led to an increase in occupancy levels compared with the same period in 2009. The Group's capacity to raise average room rates has, however, been limited as occupancy levels have not yet reached those achieved in 2008. Performances were strongest in Asia, particularly in Hong Kong. Across the portfolio, the Group's hotels maintained their relative market positions and continued their strict controls over costs.
In February 2010, the Group announced it will manage a 195-room hotel and Residences project to be built in Abu Dhabi on Saadiyat Island. The new 213-room Mandarin Oriental, Macau located in the prestigious One Central complex will open mid-year. The opening of Mandarin Oriental Jnan Rahma, Marrakech, previously scheduled for the first half of the year, will now not occur before the fourth quarter of 2010. A further 13 new hotel projects are under development, although some are experiencing delays.
The Group remains in a strong financial position with net debt remaining 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, resorts and residences. The Group now operates, or has under development, 41 hotels representing over 10,000 rooms in 26 countries, with 17 hotels in Asia, 13 in The Americas and 11 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 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'.