Mandarin Oriental International Ltd MO to Review Long-term Strategic Options for EXHK (1169H)
June 05 2017 - 1:00AM
UK Regulatory
TIDMMDO TIDMJAR TIDMJDS
RNS Number : 1169H
Mandarin Oriental International Ltd
05 June 2017
To: Business Editor For immediate release
This announcement contains Inside Information.
MANDARIN ORIENTAL TO REVIEW LONG-TERM STRATEGIC OPTIONS FOR THE
EXCELSIOR, HONG KONG
5th June 2017 - Mandarin Oriental International Limited (the
'Company') today announced that it is undertaking a review of its
long-term strategic options with regard to The Excelsior, Hong
Kong. The hotel is situated on a prime commercial water-front site
in the Causeway Bay District of Hong Kong and is the Group's only
property that is not branded as Mandarin Oriental.
As part of this review, and in light of the current strong
commercial property valuations in Hong Kong, the Company has
decided to test market interest in the possible sale of the
property, which has approval for the development of a commercial
building with a Gross Floor Area of some 63,500 sqm on the
site.
No decision has yet been made as to the preferred course of
action, and it would be premature to speculate on the outcome of
the review at this time. A further announcement will be made as
required.
Mandarin Oriental currently operates 29 hotels and eight
residences in 19 countries and territories. The Group's hotels are
all five star luxury properties, with the exception of The
Excelsior, Hong Kong which is a leading four star hotel. It also
has a strong pipeline of hotels and residences under development.
Mandarin Oriental International Limited is incorporated in Bermuda
and has a standard listing on the London Stock Exchange, with
secondary listings in Bermuda and Singapore. It is a member of the
Jardine Matheson Group.
- end -
For further information, please contact:
Brunswick Group Limited
Joanna Donne (852) 9221 3930
Karin Wong (852) 9755 6265
Tom Burns (44) 20 7396 5308
This and other Group announcements can be accessed through the
internet at 'www.mandarinoriental.com'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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