REG - Mandarin Oriental - MO Signs Option to sell MO, Paris

Mandarin Oriental InternationalAnnouncement

22/12/2023 13:30

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RNS Number : 8308X  Mandarin Oriental International Ltd  22 December 2023

Announcement

 

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

 

MANDARIN ORIENTAL SIGNS OPTION TO SELL MANDARIN ORIENTAL, PARIS

 

22nd December 2023 - Mandarin Oriental International Limited, the publicly
listed parent company of Mandarin Oriental Hotel Group (the 'Group'), today
announces that it has, pursuant to a preliminary sale agreement, signed an
option to sell its interests in Mandarin Oriental, Paris (the 'Hotel') to SLH
Hotels Srl ('Statuto Group') for €205 million.  The proceeds will be
applied towards the Group's general development strategy.

 

The Group will retain a long-term management agreement to manage and brand the
Hotel.

 

The Group's acceptance of the offer for its interests in the Hotel is subject
to completion of a consultation process with the relevant Works Council, which
will begin shortly.  Subject to that process and to the statutory right of
pre-emption by the City of Paris, among other conditions, it is anticipated
that final documentation will be signed and completion of the sale of the
Hotel will take place on or after 31st March 2024.

 

"Since opening in 2011, Mandarin Oriental, Paris has been one of the leading
luxury hotels in the city and is a designated Palace hotel.  We look forward
to working with the Statuto Group, which is also the owner of Mandarin
Oriental, Milan, in continuing to deliver the award-winning service and luxury
experiences for which Mandarin Oriental is renowned," said Laurent Kleitman,
Group Chief Executive of Mandarin Oriental Hotel Group.

 

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 38 hotels and
10 residences in 25 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.

 

Mandarin Oriental International Limited is incorporated in Bermuda and has a
primary listing in the standard segment of the London Stock Exchange, with
secondary listings in Bermuda and Singapore.  Mandarin Oriental 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 (mailto:matthew.bishop@mohg.com)

Chief Financial Officer, Hong
Kong
(+852) 2895 9288

 

Chris
Orlikowski
corlikowski@mohg.com (mailto:corlikowski@mohg.com)

Director of Global Communications,
London
(+44) 79 17280210

 

This and other Group announcements can be accessed through our website at
'www.mandarinoriental.com (http://www.mandarinoriental.com) '.

 

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