SINGAPORE - Mandarin Oriental International Ltd announced on Monday (June 5) that it plans to test market interest in the possible sale of The Excelsior hotel in Hong Kong.
The company said the move is part of a review it is undertaking of its long-term strategic options with The Excelsior, which is the group's only property that is not branded as Mandarin Oriental, "in light of the current strong commercial property valuations in Hong Kong".
The company has obtained approval for the development of a commercial building with a gross floor area of some 63,500 square metres on the site of The Excelsior, which is located along a prime commercial waterfront site in the Causeway Bay District.
No decision has yet been made as to the preferred course of action, and it would be premature to speculate on the outcome of the review at this time, said the company.
Mandarin Oriental currently operates 29 hotels and eight residences in 19 countries and territories. The group's hotels are all five star luxury properties, with the exception of The Excelsior, Hong Kong which is a four star hotel. It also has hotels and residences under development.
Mandarin Oriental International Ltd, part of the Jardine Matheson Group, has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore.