Mandarin Oriental shares dive as Excelsior sale shelved

Singapore, Hong Kong

LUXURY hotel chain operator Mandarin Oriental International has decided not to sell The Excelsior in Hong Kong for the time being, after a dissatisfactory tender process.

Richard Baker, Mandarin Oriental's executive vice president and operations director for Asia, told The Business Times on Wednesday that "having considered the proposals recently received for the sale of The Excelsior, Hong Kong, none had met fully our expectations or transaction requirements".

He added: "As the proposals have not provided the basis for the sale of the property at the current time, we are continuing to review all options, including those that may result in redevelopment of the property into a comme…