Mandarin Oriental signs option to sell Paris hotel for 205 million euros
Wong Pei Ting
MANDARIN Oriental International has signed an option to sell its interests in Mandarin Oriental, Paris for 205 million euros (S$298.9 million).
The hotel, which opened in 2011, is one of the leading luxury hotels in the French capital.
Announcing this on Friday (Dec 22), the company – which has a secondary listing in Singapore – said sale proceeds will go towards the group’s general development strategy.
Mandarin Oriental is a member of the Jardine Matheson Group, a Straits Times Index constituent.
The Paris hotel is being sold to SLH Hotels Srl, the parent holding of the Statuto Group. The Statuto Group also owns Mandarin Oriental, Milan.
Mandarin Oriental will retain a long-term management agreement to manage and brand the hotel following the sale, which is expected to complete on or after Mar 31, 2024, the company said.
Shares of Jardine Matheson closed 0.1 per cent higher at US$39.66 on Friday, while Mandarin Oriental shares ended flat at US$1.56.
Copyright SPH Media. All rights reserved.
