Mandarin In.sg Regulatory News (MDO)

1 Mar 2007 09:05

Mandarin Oriental International Ld01 March 2007 To: Business Editor For immediate release MANDARIN ORIENTAL COMPLETES THE SALE OF HALF OF ITS EQUITY INVESTMENT INMANDARIN ORIENTAL, NEW YORK 1st March 2007 - Mandarin Oriental International Limited announced today thatits wholly owned entity, Mandarin Oriental New York Inc., has completed thepreviously announced sale of half of its 50% investment in Mandarin Oriental,New York. The Group continues to hold a 25% interest in the hotel and hassecured improved terms for its long-term management contract. The Group will recognize a post tax gain of approximately US$16 million in 2007.As part of the transaction, the Group also received repayment of itsoutstanding mezzanine loan to the hotel of US$40 million. At the same time, the Group's 50% partner in the hotel, Apollo Real Estateand Related Companies, has completed the sale of the majority of its equity tothe same buyer. The buyer of the 73% interest in the hotel is IstithmarColumbus Centre Holding Company LLC, which is owned by Istithmar Hotels, awholly owned subsidiary of Istithmar PJSC, which is 100% owned by Dubai Worldwhich in turn is wholly owned by the Government of Dubai. Mandarin Oriental Hotel Group is the award-winning owner and operator of some ofthe world's most prestigious hotels and resorts, currently operating 20luxury hotels with a further 14 under development in Riviera Maya, Mexico andHainan Island, China (2007), Barcelona and Boston (2008), Dallas, Chicago, LasVegas, Macau, Marrakech, Turks and Caicos and Grand Cayman (2009) and Guangzhou,Taipei and Paris (2010). In total, Mandarin Oriental now operates, or has underdevelopment, more than 9,000 rooms in 20 countries with 15 hotels in Asia, 12 inThe Americas and seven in Europe and North Africa. Mandarin OrientalInternational Limited is a publicly listed company and a member of the JardineMatheson Group. For further information, please contact: Mandarin Oriental Hotel Group International Limited Stuart Dickie (852) 2895 9177Group Finance e-mail: stuartd@mohg.com Jill Kluge 44 (20) 7766 3671Group Communications-Global e-mail:jillk@mohg.com Catherine Martel 44 (20) 7766 3677Group Communications-Europe e-mail:cmartel@mohg.com Sally de Souza (852) 2895 9160Group Communications-Asia e-mail:sallydes@mohg.com Danielle DeVoe 1 (212) 399 3938Group Communications-United States e-mail: ddevoe@mohg.com GolinHarris Kennes Young (852) 2501 7987 Weber Shandwick Financial 44 (20) 7067 0700Richard Hews/ Helen Thomas e-mail: rhews@webershandwick.com Photography of Mandarin Oriental is available to download, in high and lowresolution, in the Photo Library of our Media section, at www.mandarinoriental.com. This and other Group announcements can be accessed through the Internet atwww.mandarinoriental.com. This information is provided by RNS The company news service from the London Stock Exchange