REG - Mandarin Oriental Jardine Matheson Hdg - MO announces Sale of MO, Washington D.C.

Mandarin Oriental InternationalAnnouncement

18/07/2022 17:30

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RNS Number : 8756S  Mandarin Oriental International Ltd  18 July 2022

The following announcement was issued today to a Regulatory Information
Service approved by the Financial Conduct Authority in the United Kingdom.

 

This announcement contains Inside Information.

 

MANDARIN ORIENTAL ANNOUNCES SALE OF MANDARIN ORIENTAL, WASHINGTON D.C.

 

Hong Kong, 19th July 2022 - Mandarin Oriental International Limited ('the
Group') has announced today that it has entered into an agreement to sell
Mandarin Oriental, Washington D.C. to Henderson Park, a private equity real
estate manager headquartered in London.  On completion of the sale, which is
scheduled to occur on 8th September 2022, the property will cease to be
operated by Mandarin Oriental.

 

Following the sale, the Group will receive gross proceeds of approximately
US$139 million with a post-tax, non-trading gain of approximately US$45
million, which will be recognised in 2022.

 

"Over the last 18 years Mandarin Oriental has positioned this hotel as a
market leader in the city.  During this period however, the Group's portfolio
has developed significantly with many new, unique properties across the world
that are more in line with our long-term vision for the brand than this
asset.  Today, with our track record in creating market-leading hotels, the
Group's strategy for expansion is focused on growing the management business
with brand-defining properties.  With strong interest from investors in this
property, the time was right to initiate a sales process which has now been
successfully concluded," said James Riley, Group Chief Executive.

 

"The United States is a key market for Mandarin Oriental.  The Group has
announced new hotel developments in Boca Raton, Grand Cayman and Honolulu as
well as Residence projects in New York and Beverly Hills and further exciting
developments are expected in the coming months," Riley added.

 

About Mandarin Oriental Hotel Group

 

Mandarin Oriental Hotel Group is the award-winning owner and operator of some
of the world's most luxurious hotels, resorts and residences.  Having grown
from its Asian roots into a global brand, the Group now operates 36 hotels and
seven residences in 24 countries and territories, with each property
reflecting the Group's oriental heritage and unique sense of place.  Mandarin
Oriental has a strong pipeline of hotels and residences under development, and
is a member of the Jardine Matheson Group.

 

- end -

 

For further information, please contact:

 

 Mandarin Oriental Hotel Group International Limited
 Matthew Bishop                                       matthew.bishop@mohg.com
 Group Finance, Hong Kong                             (852) 2895 9288

 Abbey Nayor                                          anayor@mohg.com
 Brand Communications, Americas                       1 (917) 887 3623

 Brunswick Group Limited
 William Brocklehurst                                 wbrocklehurst@brunswickgroup.com
                                                      (852) 5685 9881

 Edward Tam                                           edwardtam@brunswickgroup.com
                                                      (852) 9878 7201

 

This and other Group announcements can be accessed through the Internet at
'www.mandarinoriental.com (https://www.mandarinoriental.com/media-centre) '.

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