Singapore's Mandarin Oriental gets bids for Excelsior hotel (updated)

Hysan Development

15/09/2017 16:14

(Adds details) 
    Sept 15 (Reuters) - Singapore's Mandarin Oriental 
International Ltd  MOIL.SI  said on Friday it had received bids 
for The Excelsior hotel in Hong Kong, with a media report 
suggesting that the iconic property could be valued at up to 
HK$34.2 billion ($4.38 billion). 
    Mandarin Oriental, controlled by Jardine Matheson Holdings 
 JARD.SI , said in June it had decided to test market interest 
in the possible sale of the property.  
    The 848-room hotel is likely to be valued at between HK$24 
billion and HK$34.2 billion, according to a South China Morning 
Post report. http://bit.ly/2x0KpJ8 
    Possible suitors could include Sun Hung Kai Properties 
 0016.HK , Hysan Development  0014.HK  and a joint venture 
between Chinese Estates Holdings  0127.HK  and China Evergrande 
Group  3333.HK , the report said. 
    The hotel is located on Lot No.1, the first plot of land 
sold at an auction after Hong Kong became a British Colony in 
1841.     
    Mandarin Oriental said in a filing with the Singapore 
Exchange that it could not confirm when the deal will be 
through. 
    The company declined to comment on Reuters' request for 
details on the offers.  urn:newsml:reuters.com:*:nSNZ4f2WvB 
    Mandarin shares closed 21 percent higher on Friday. 
($1 = 7.8163 Hong Kong dollars) 
 
 (Reporting By Anusha Ravindranath and Rushil Dutta in 
Bengaluru; Editing by Anil D'Silva) 
 ((anusha.R@thomsonreuters.com;)) 
 
Keywords: MANDARIN ORIENTAL DIVESTITURES/