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Mandarin Oriental has completed the sale of its
50%interest in Mandarin Oriental, Macau to Sociedade de Turismo e
Diversoes de Macau S. A. (STDM).
The group’s partner in the hotel, Shun Tak
Holdings, 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.
Booming Macau remains an important
destination for Mandarin Oriental, and from 2010 it will manage a new
215-room Mandarin Oriental hotel currently being developed on the
Macau waterfront.
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