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Mandarin Oriental International Limited - redevelopment of The Excelsior, Hong Kong

Hamilton, Bermuda – 9 October 2018 In a filing with the Bermuda Stock Exchange (“BSX”), Mandarin Oriental International Limited (the “Company”; Ticker: MOIBD.BH) announced the redevelopmentof The Excelsior, Hong Kong. The full filing stated:

 

Mandarin Oriental International Limited today announces that The Excelsior, Hong Kong will close on 31st March 2019 in order for Mandarin Oriental Hotel Group (the ‘Group’) to redevelop the site. The hotel is situated on a prime commercial waterfront site in the Causeway Bay district of Hong Kong where the Group has approval for the development of a mixed-use commercial building with a Gross Floor Area of some 63,500 sqm.

 

The decision to close the hotel, which opened in 1973, comes after having completed a detailed review of the long-term strategic options for the site, announced by the Group in June 2017. The decision reflects strong commercial property values in Hong Kong and the expected higher yield associated with a commercial building at a time when the hotel requires significant investment.

 

The full press release can be found by using the following link:

http://photos.mandarinoriental.com/is/content/MandarinOriental/corporate-18-exhkg-closure-announcement?_ga=2.249277191.1265384882.1539087506-676053871.1539087506

 

 

For further information, please contact:

 

 

Mandarin Oriental Hotel Group International Limited

 

 

Jill Kluge

(44) 20

7908 7831

Sally de Souza

(852)

2895 9167

Brunswick Group Limited

 

 

Karin Wong

(852)

3512 5077

Elizabeth Liang

(852)

3512 5058

Tom Burns

(44) 20

7396 5308

 

This and other Group announcements can be accessed through the internet at ‘www.mandarinoriental.com’.

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