Mandarin Oriental continues to review options for The Excelsior despite setback
By Michelle Zhu
/ EdgeProp |
SINGAPORE (Sept 27): Mandarin Oriental International is continuing its review of its long-term strategic options with the potential sale of its hotel property in Hong Kong, The Excelsior, and its possible redevelopment into a commercial building.
In a Wednesday announcement, the group says that none of the proposals which it has received for the property have fully met the group’s expectations or transaction requirements.
The group adds that it will continue to review all options, including those which may result in the redevelopment of the hotel property into a commercial building.
Source: Mandarin Oriental
This comes less than two weeks after the Bermuda-incorporated group on Sept 15 announced that it had received proposals from potential purchasers of the hotel property – and that it was to test market interest in the possible sale of it, as part of the group’s review of its long-term strategic options.
This article, written by Michelle Zhu, appeared in The Edge Singapore
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