Mandarin Oriental International, which is a part of the Jardine Matherson group, has entered into an agreement to sell Mandarin Oriental, Washington DC to Henderson Park, a London-headquartered private equity real estate manager.
Following the sale, the group will receive proceeds of US$139 million with a post-tax, non-trading gain of approximately US$45 million. The sum will be recognised in the group’s results for the FY2022. Mandarin Oriental Hotel Group will no longer operate the property post-sale.
“Over the last 18 years, Mandarin Oriental has positioned this hotel as a market leader in the city. During this period however, the group’s portfolio has developed significantly with many new, unique properties across the world that are more in line with our long-term vision for the brand than this asset,” says James Riley, group chief executive.
“Today, with our track record in creating market-leading hotels, the group’s strategy for expansion is focused on growing the management business with brand-defining properties. With strong interest from investors in this property, the time was right to initiate a sales process,” he continues. In the same statement, Riley adds that the US is a “key market” for Mandarin Oriental.
Over the past decade, Mandarin Oriental Hotel Group has lost several U.S. properties in Las Vegas, San Francisco, Atlanta.
Mandarin Oriental International sells Mandarin Oriental, Washington DC
More from NEWS
GIORGIO ARMANI opens new store in Bangkok at ICONSIAM
The Armani group is pleased to announce the opening of its second Giorgio Armani boutique in Bangkok on 24 October …
Estée Lauder returns to growth
Estee Lauder beat Wall Street estimates for first-quarter sales and profit on Thursday on strong demand for its Estee Lauder …
CHANEL President of Fashion says a new designer will not magically fix problems
While many indicate that a new designer will magically fix their problems, CHANEL's President of Fashion, Bruno Pavlovski says in …
