Last checked at 27 Sep 2017 07:31
To: Business Editor For immediate release
This announcement contains Inside Information.
MANDARIN ORIENTAL - UPDATE TO REVIEW OF LONG-TERM STRATEGIC OPTIONS FOR THE EXCELSIOR, HONG KONG
27th September 2017 - Mandarin Oriental International Limited (the 'Company') today announced that having considered the proposals recently received for the sale of The Excelsior, Hong Kong, none had met fully its expectations or transaction requirements. As the proposals have not provided the basis for the sale of the property at the current time, the Company is continuing to review all options, including those that may result in redevelopment of the property into a commercial building.
The Company had announced previously that as part of a review of its long-term strategic options for The Excelsior it was to test market interest in the possible sale of the property. On 15th September 2017, the Company advised that it had received proposals from potential purchasers to acquire the property, and that these proposals would form the basis for further consideration of the Company's strategic options.
A further announcement will be made as required.
Mandarin Oriental currently operates 30 hotels and eight residences in 20 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.
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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'.