Mandarin Oriental Sells Equity Interest in Mandarin Oriental, Macau
JUNE 17, 2009 - Mandarin Oriental International Limited announced that its wholly-owned subsidiary, Mandarin Oriental Holding Company Limited ('MOHCL'), has completed the sale of its 50% interest in Mandarin Oriental, Macau to Sociedade de Turismo e Diversoes de Macau S. A.
The sale was first announced on 20th January 2009. The Group's partner in the hotel, Shun Tak Holdings Limited ('Shun Tak'), has also sold its 50% equity interest in the property to STDM.
The post-tax gain for Mandarin Oriental arising on the sale is US$78 million. The net proceeds from the sale are approximately US$90 million. In addition, as part of the agreement to sell, MOHCL and Shun Tak have the right to participate equally in any increase in the hotel site's value, over and above the agreed value of HK$1.6 billion (US$205 million), which might arise if the property were to be redeveloped or sold to a third party in the future.
The hotel will be rebranded with effect from 1st August 2009, although the Group will continue to manage the hotel for a period of up to two years so as to ensure a smooth transition of operations to the new owner.
Macau remains an important destination for the Group, and from 2010 it will manage a new 215-room Mandarin Oriental hotel currently being developed on the Macau waterfront.
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