Mandarin Oriental inks option to sell Paris hotel for $300 million
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Mandarin Oriental is a member of the Jardine Matheson Group, a Straits Times Index constituent.
PHOTO: SCREENGRAB FROM GOOGLE MAPS
Wong Pei Ting
SINGAPORE - Mandarin Oriental International has signed an option to sell its interests in Mandarin Oriental, Paris for €205 million (S$300 million).
The hotel, which opened in 2011, is one of the leading luxury hotels in the French capital.
Announcing this on Dec 22, the company – which has a secondary listing in Singapore – said sale proceeds will go towards the group’s general development strategy.
Mandarin Oriental is a member of the Jardine Matheson Group, a Straits Times Index constituent.
The Paris hotel is being sold to SLH Hotels, the parent holding of the Statuto Group. The Statuto Group also owns Mandarin Oriental, Milan.
Mandarin Oriental will retain a long-term management agreement to manage and brand the hotel following the sale, which is expected to be completed on or after March 31, 2024, the company said.
Shares of Jardine Matheson closed down 0.28 per cent at US$39.55 on Dec 26, while Mandarin Oriental shares were unchanged at US$1.56. THE BUSINESS TIMES
