Mandarin Oriental

Re: Mandarin Oriental

Postby winston » Tue Oct 09, 2018 9:12 am

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BRIEF-Mandarin Oriental International Announces Redevelopment Of The Excelsior In Hong Kong

Oct 9 (Reuters) - Mandarin Oriental International Ltd:

* REDEVELOPMENT OF EXCELSIOR, HONG KONG EXPECTED TO TAKE UPTO SIX YEARS TO COMPLETE AND COST ABOUT US$650 MILLION

* ABOUT US$15 MILLION OF COSTS RELATED TO THE REDEVELOPMENT ARE ESTIMATED TO BE INCURRED IN 2019

* REDEVELOPMENT NOT EXPECTED TO ADVERSELY IMPACT RECENT LEVEL OFDIVIDENDS PAID

Source: Reuters
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Re: Mandarin Oriental

Postby winston » Tue Oct 09, 2018 12:59 pm

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The Excelsior in Hong Kong to close at end March for US$650 mil redevelopment

By PC Lee

SINGAPORE (Oct 9): The Excelsior, Hong Kong will close on March 31 2019 for redevelopment, says owner and operator Mandarin Oriental International.

The redevelopment is expected to take up to six years to complete and cost some US$650 million ($899 million).

Once completed, Mandarin Oriental International says the new building is expected to generate significantly higher, and more stable, cash flows with less ongoing capital expenditure compared to a renovated hotel. The redevelopment itself is also not expected to adversely impact the recent level of dividends paid.

The hotel is situated on a waterfront site in the Causeway Bay district of Hong Kong where the group has approval for the development of a mixed-use commercial building with a Gross Floor Area of some 63,500 sqm.

The decision to close the hotel, which opened in 1973, comes after having completed a review of the long-term strategic options for the site, announced by the Mandarin Oriental Group in June 2017.

Mandarin Oriental International is the Singapore-listed subsidiary of Mandarin Oriental Hotel Group which is part of the Jardine Group of companies.

“The decision reflects strong commercial property values in Hong Kong and the expected higher yield associated with a commercial building at a time when the hotel requires significant investment,” says Mandarin Oriental International.

The wholly-owned Excelsior hotel is a contributor to group earnings and cash flows and houses the group’s corporate office. Adjusting the group’s reported results for the first half of 2018 to exclude the contribution of The Excelsior, and include an estimated incremental head office rent cost, revenue would have dropped to US$660 million from US$700.2 million on a pro forma basis while underlying profit would have dropped to US$11.4 million from US$22.3 million on a pro forma basis.

Upon closure of the hotel, the group will be required to recognise a one-time accounting valuation gain associated with reclassifying the asset as a commercial investment property on its balance sheet.

The group estimates that this reclassification of the asset to reflect its market value as a site for commercial redevelopment would lead to an accounting gain of some US$2.9 billion, net of closure costs.

Mandarin Oriental International says the redevelopment will be funded through a mix of external debt and cash reserves. Approximately US$15 million of costs related to the redevelopment are estimated to be incurred in 2019, which the group will fund from cash reserves.

At June 30, the group had net debt of US$325 million, with gearing of 6%, measured as a percentage of net debt against adjusted shareholders’ funds.

Year to date, shares in Mandarin Oriental International are down 0.9% to US$1.98.

Source: The Edge

https://www.theedgesingapore.com/excels ... 401b309bc7
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Re: Mandarin Oriental

Postby winston » Fri Oct 12, 2018 5:33 am

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Turning Hong Kong’s iconic Excelsior Hotel into offices could net owner HK$13.7 billion

The 869-room hotel, opened in 1973, has uninterrupted views over Victoria Harbour and is in the heart of the city’s shopping hub of Causeway Bay

The owner of Hong Kong’s iconic harbour-view Excelsior Hotel expects to boost the asset’s value by about half to HK$41 billion (US$5.2 billion) after converting it into an upmarket office tower.

The existing 45-year-old building is worth around HK$27.3 billion, or HK$40,000 per square foot,

Colliers International estimates the redeveloped grade A office building could fetch up to HK$60,000 per square foot, putting the potential value of the new building at HK$41 billion, giving Mandarin a tidy HK$13.7 billion rise in value.


Source: SCMP

https://www.scmp.com/property/hong-kong ... alue-hk137
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Re: Mandarin Oriental

Postby winston » Sat Oct 27, 2018 9:10 am

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Hong Kong’s Excelsior Hotel can still be bought for the right price, says Mandarin Oriental CEO

The harbourfront Excelsior Hotel can still be had for the right price, says owner Mandarin Oriental
However plans to rebuild hotel as office tower proceed

“Jardines as a group is a developer through Hongkong Land, and we have a construction company through Gammon, so we can do that and produce a grade A quality office building and see where we go from there,” said Riley.

Of its 31 hotels and seven residences, Mandarin Oriental does not run any other office blocks.

There are no plans to transfer the asset to Hongkong Land, the property investment, management and development company which is also owned by Jardines.

Plans for the redevelopment were approved by government in September 2018, with the stipulation that they be exercised within two years.


Source: SCMP

https://www.scmp.com/business/article/2 ... s-mandarin
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Re: Mandarin Oriental

Postby winston » Wed Nov 28, 2018 1:30 pm

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Interim Management Statement

8th November 2018 – Mandarin Oriental International Limited has today issued an Interim
Management Statement for the third quarter of 2018.

The Group’s overall results for the quarter were higher than the same period in 2017, despite
the absence of earnings from Hotel Ritz, Madrid, which closed for restoration at the end of
February.

Repairs are ongoing at Mandarin Oriental Hyde Park, London following the fire on 6th June
2018. The hotel will re-open its public areas and facilities on 4th December, while the rooms
are expected to re-open in the Spring of 2019.

As previously noted, given the coverage under the Group’s insurance arrangements, the impact on profitability is expected to be modest.

On 9th October 2018, the Group announced that The Excelsior, Hong Kong will close on
31st March 2019 in order for the site to be redeveloped as a commercial building. The
decision to close the hotel, which opened in 1973, follows the completion of a detailed review
of the long-term strategic options for the site. The redevelopment is expected to take up to
six years to complete and cost some US$650 million.

Based on current assumptions and market information, the Group estimates that the reclassification of the property to reflect its market value as a site for commercial redevelopment would lead to an accounting gain of some US$2.9 billion (net of closure costs), which will be recognised in the 2019 results.

Three new management contracts have been signed since the half year. In July, the Group
took over management of a luxury resort on Lake Como, which will be rebranded as
Mandarin Oriental, Lago di Como in 2019, following refurbishment.

A new hotel and residences in Moscow is scheduled to open in 2021 and a new luxury resort in Phuket is scheduled to open in 2022. The Group will cease to manage Mandarin Oriental, Atlanta
from 7th December 2018, following the sale of the property.

At 30th September 2018, net debt was US$287 million, while gearing as a percentage of
adjusted shareholders’ funds was 5%, largely unchanged from 30th June 2018.

Mandarin Oriental currently operates 31 hotels and seven residences in 21 countries and
territories.

http://infopub.sgx.com/FileOpen/2018110 ... eID=532898
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Re: Mandarin Oriental

Postby winston » Fri Aug 02, 2019 9:00 am

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BRIEF-Mandarin Oriental International Posts HY Loss Attributable Of US$12.1 Mln

Aug 1 (Reuters) - Mandarin Oriental International Ltd:

* INTERIM DIVIDEND OF US¢1.50 PER SHARE HAS BEEN DECLARED

* HY COMBINED TOTAL REVENUE OF HOTELS UNDER MANAGEMENT $641MILLION, DOWN 8%

* HY LOSS ATTRIBUTABLE US$12.1 MILLION VERSUS PROFIT OF US$22.2MILLION

Source: Reuters
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Re: Mandarin Oriental

Postby winston » Fri Aug 02, 2019 11:30 am

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Jardine hotelier Mandarin Oriental's profit plunged by 52 per cent year-on-year to US$10.7 million for the six months to June 30, as revenue fell by 8 per cent to US$641 million on the closure of the iconic The Excelsior in Hong Kong, and lower earnings from a Bangkok hotel shut in March for renovation.

Source: Phillips
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Re: Mandarin Oriental

Postby winston » Mon Sep 16, 2019 9:53 am

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Mandarin Oriental

Business overview

Mandarin Oriental (MAND SP, Not Rated) is a 77%-owned subsidiary of JS. It is a hotel investment and management group operating 32 hotels and six residences globally with a total of more than 7,500 rooms now.

In its strategic review, Mandarin Oriental stated that it aims to be recognised as the world’s
best luxury hotel group by investing in exceptional facilities and its people, as well as seeking selective opportunities for expansion globally.

Financial performance

Mandarin Oriental’s underlying net profit for 1H19 was US$10.7m versus US$22.2m in 1H18. The lower profit yoy was due to the closure of The Excelsior, Hong Kong and reduced earnings from the Bangkok Hotel, which was closed in Mar 2019 for major renovation.

Earnings performance was mixed across the group’s owned properties. In Asia, a slowdown in corporate business reduced earnings at the group’s flagship Hong Kong hotel. 1H19 earnings in Tokyo were better yoy, while for the rest of the region, earnings performance was broadly flat.

In Europe, 1H19 earnings were higher yoy at the London hotel, which continued to include insurance coverage for loss of profits due to a fire incident in Jun 2018. In 1H18, the hotel was only partially open while it underwent renovation.

In Paris, 1H19 earnings were lower yoy as city-wide demand was negatively affected by
demonstrations in the city.

In the US, Boston performed well in 1H19 but earnings were weaker yoy in Washington DC.

Going forward, Mandarin Oriental expects US$774m of capital commitments in 2019-25 for:
i) Madrid renovation
ii) Munich extension and
iii) redevelopment of The Excelsior site.

Source: CIMB
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Re: Mandarin Oriental

Postby winston » Mon Sep 16, 2019 9:57 am

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Mandarin Oriental

Mandarin Oriental intends to continue expanding its portfolio in the coming years.

In its 2018 annual report, Mandarin Oriental stated its target to expand its hotel portfolio by three properties each year.

New Mandarin Oriental hotels are scheduled to open in Ho Chi Minh City, Grand Cayman, Moscow, Muscat and Phuket over the next five years.

Its first two hotels in the Middle East were opened at the end of 1Q19, while a serviced residence in Barcelona is slated for opening in 2020F.

We expect these developments to contribute positively to the group’s overall earnings performance in FY20F onwards.

The new earnings contributions will be offset by a few closures, in our opinion.

The closure of The Excelsior, Hong Kong in Mar 2019 for redevelopment into a mixed-use commercial building would substantially reduce Mandarin Oriental’s underlying net profit in FY19F, according to the company; the management expects the project to be completed by 2025.

In conjunction with this closure for redevelopment, Mandarin Oriental expects to recognise a one-off valuation gain of US$2.9bn in FY19F.

Its Bangkok Hotel is also facing partial closure since Mar 2019 for renovation (which the management expects to be completed by Oct 2019).

Source: CIMB
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Re: Mandarin Oriental

Postby winston » Fri Nov 08, 2019 10:06 am

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MANDARIN ORIENTAL INTERNATIONAL LIMITED
Interim Management Statement


7th November 2019 – Mandarin Oriental International Limited has today issued its Interim
Management Statement for the third quarter of 2019.

As anticipated, the closure of The Excelsior at the end of March 2019 and the major
renovation in Bangkok resulted in substantially lower underlying profit in the quarter
compared with the same period in 2018, despite strong results from the newly renovated
London hotel.

In addition, earnings of the Group’s flagship hotel in Hong Kong were lower due to difficult market conditions caused by the ongoing social unrest.

While average daily rates were broadly stable in the third quarter, occupancy levels were
49% compared to 71% in the same period in 2018.

Net debt at 30th September 2019 was US$313 million, while gearing as a percentage of
adjusted shareholders’ funds was 5%.

Mandarin Oriental currently operates 32 hotels and seven residences in 23 countries and
territories.

https://links.sgx.com/FileOpen/MOILIMS. ... eID=584726
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