Yahoo Finance Mandarin Oriental selling hotel in Paris for €205 million, will retain long-term management
The hotel enjoyed a RevPAR of US$773 in FY2022, up from US$372 in FY2021
Mandarin Oriental International is selling the Mandarin Oriental, Paris to SLH Hotels, or Statuto Group, for €205 million.
Mandarin Oriental, part of the Jardine conglomerate, will continue to operate the hotel under a long-term management agreement.
“Since opening in 2011, Mandarin Oriental, Paris has been one of the leading luxury hotels in the city and is a designated Palace hotel," says Laurent Kleitman, group CEO of Mandarin Oriental Hotel Group.
"We look forward to working with the Statuto Group, which is also the owner of Mandarin Oriental, Milan, in continuing to deliver the award-winning service and luxury experiences for which Mandarin Oriental is renowned,” adds Kleitman, who took on this role on Sept 1.
According to the company, proceeds from the sale will be used in its "general development strategy".
As indicated in the company's annual report, the hotel has 135 rooms and is located ten minutes' walk from the Louvre.
The property enjoyed a RevPAR of US$773 in FY2022, up from US$372 in FY2021.
The Mandarin Oriental Hotel Group runs 38 hotels and 10 residences in 25 countries and territories.
On Nov 9, the company, citing the return of travel demand, reported that underlying profit in its 3QFY2023 was more than double over same period last year.
Growth was particularly strong for its own hotels in Hong Kong and Tokyo.
Mandarin Oriental shares last traded at $1.56, down 20% year to date.
See Also:
Click here to stay updated with the Latest Business & Investment News in Singapore
Jardine Matheson sees "encouraging improvement" in 3Q management update
Get in-depth insights from our expert contributors, and dive into financial and economic trends
