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Proposals for sale of The Excelsior, Hong Kong, do not meet expectations: Mandarin Oriental
MANDARIN Oriental International Limited said that none of the proposals received recently for the sale of The Excelsior, Hong Kong, had met fully its expectations or transaction requirements.
"As the proposals have not provided the basis for the sale of the property at the current time, the company is continuing to review all options, including those that may result in redevelopment of the property into a commercial building," said the luxury hotel chain in a Singapore Exchange filing on Wednesday.
The company had announced previously that as part of a review of its long-term strategic options for The Excelsior, it was to test market interest in the possible sale of the property.
On Sept 15, 2017, the company said that it had received proposals from potential purchasers to acquire the property, and that these proposals would form the basis for further consideration of the company's strategic options.
Mandarin Oriental operates 30 hotels and eight residences in 20 countries and territories. The group's hotels are all five-star luxury properties, with the exception of The Excelsior, Hong Kong, which is a four-star hotel.