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Mandarin Oriental toys with the idea of selling The Excelsior in HK
MANDARIN Oriental International said on Monday morning it wants to "test market interest in the possible sale" of The Excelsior in Hong Kong.
In a filing to Singapore Exchange, the group said the intent follows a review of its long-term strategic options regarding the Hong Kong hotel - its only property not branded as Mandarin Oriental.
"As part of this review, and in light of the current strong commercial property valuations in Hong Kong, the company has decided to test market interest in the possible sale of the property, which has approval for the development of a commercial building with a gross floor area of some 63,500 square metre on the site," the group said.
It added that "no decision has yet been made as to the preferred course of action" and that a further announcement would be made as required.
The Excelsior is situated on a prime commercial water-front site in the Causeway Bay District of Hong Kong.
Mandarin Oriental currently operates 29 hotels and eight residences in 19 countries and territories.