Singapore's Mandarin Oriental gets bids for Excelsior hotel

A file picture of the Excelsior in Causeway Bay, Hong Kong. PHOTO: SOUTH CHINA MORNING POST

SINGAPORE (REUTERS) - Singapore's Mandarin Oriental International Ltd said on Friday (Sept 15) it had received takeover proposals from potential buyers for The Excelsior hotel in Hong Kong.

The bids could be valued at as much as HK$30 billion (S$5.18 billion), according to a Financial Times report. The company said in a filing with the Singapore Stock Exchange that it could not confirm when the deal will be through.

The company, which had flagged its plans to sell the property in June, declined to reveal the identity of the bidders or the size of the offers.

Mandarin shares closed 21 per cent higher on Friday.

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