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Hamilton, Bermuda: 18^th, July 2022 –In a filing with the Bermuda Stock Exchange Mandarin Oriental International Limited (the “Company”) announces sale of Mandarin Oriental, Washington D.C. The full filing stated:

 

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.

 

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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.

 

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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’.                      

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is now the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX, recognised by the US SEC as a Designated Offshore Securities Market, is a member of the World Federation of Exchanges and is located in an O.E.C.D. member nation. The BSX has Approved Stock Exchange status under Australia’s Foreign Investment Fund (FIF) taxation rules; Designated Investment Exchange status by the UK’s Financial Services Authority; Recognised Stock Exchange by the UK HM Revenue and Customs; Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.