Disposal

Mandarin Oriental International Ltd

12 June 2024

 

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 TWO RETAIL UNITS ADJOINING MANDARIN ORIENTAL, PARIS

12th June 2024 - 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 two retail units adjoining the Mandarin Oriental, Paris (the 'Hotel') located at 251 rue Saint-Honoré, Paris (the 'Retail Units') to Lavender Propco SNC, an entity controlled by Blackstone Europe LLP for €148 million. The proceeds will be applied towards the Group's general development strategy. The Group purchased the building containing the Retail Units and Hotel in 2013 and divided them into separate titles before selling the Hotel to Statuto Group for €205 million on 29th April 2024.

The Group's acceptance of the offer for its interests in the Retail Units is subject 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 Retail Units will take place on or after 30th June 2024. 

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 40 hotels, 12 residences and 23 exclusive homes in 26 countries and territories, with each property reflecting the Group's oriental heritage, local culture 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.

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For further information, please contact:

Mandarin Oriental Hotel Group International Limited

Matthew Bishop                                                                                            [e-mail]

Chief Financial Officer, Hong Kong                                                             ([phone]

Chris Orlikowski                                                                                           [e-mail]

Director of Global Communications, London                                               ([phone]

This and other Group announcements can be accessed through our website at 'www.mandarinoriental.com'.

 

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