Mandarin Oriental sold
Mandarin Oriental International Limited is selling the luxury and iconic Mandarin Oriental, Washington DC, for some $139 million with a post-tax, non-trading gain of approximately $45 million to be recognised in 2022, according to a filing with the Bermuda Stock Exchange.
A member of the Bermuda-domiciled, Jardine Matheson Group, Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world’s most luxurious hotels, resorts and residences, operating 36 hotels and seven residences in 24 countries and territories.
The Mandarin Oriental is prominently placed along the capital’s revitalised Southwest Waterfront. It is a five-star luxury hotel with extensive facilities in a serene picturesque setting just a short walk from the most cherished American monuments and District Wharf neighbourhood.
The sale to Henderson Park, a private equity real estate manager headquartered in London, is scheduled for September.
James Riley, group chief executive, said: “Over the last 18 years, Mandarin Oriental has positioned this hotel as a market leader in the city.
“During this period, however, the group’s portfolio has developed significantly with many new, unique properties across the world that are more in line with our long-term vision for the brand than this asset.
Today, with our track record in creating market-leading hotels, the group’s strategy for expansion is focused on growing the management business with brand-defining properties. With strong interest from investors in this property, the time was right to initiate a sales process, which has now been successfully concluded.
“The United States is a key market for Mandarin Oriental. The group has announced new hotel developments in Boca Raton, Grand Cayman and Honolulu as well as residence projects in New York and Beverly Hills and further exciting developments are expected in the coming months.”