| To : Business Editor | For immediate release |
15th February 2000 -- Mandarin Oriental International Limited today announced it was in discussions with regard to the possible acquisition of The Rafael Group Limited.
The Rafael Group operates six luxury hotels and resorts in Europe and the United States, including the well-known Mark Hotel in New York, Hotel du Rhone in Geneva, Hotel Rafael in Munich and the renowned Turnberry Isle resort in Florida. The group has a total of 1,223 rooms and has significant ownership interests in three of the properties.
The Rafael Group matches well Mandarin Oriental's criteria for expansion. It has a complementary cultural fit in terms of luxury standards and services, a geographic presence in key cities where Mandarin Oriental is not yet represented and it would be expected to have a positive impact on the Group's existing properties.
The parties are at an advanced stage of negotiation, having signed a heads of agreement that gives Mandarin Oriental a period of exclusivity in which to undertake a due diligence review.
Further details of the proposals, including any terms that may be agreed, will be announced at an appropriate time. There is no guarantee that these negotiations will lead to a completed acquisition.
Mandarin Oriental Hotel Group operates deluxe and first class hotels in Bangkok, Hong Kong, Honolulu, Jakarta, Kuala Lumpur, London, Macau, Manila, San Francisco, Singapore and Surabaya. Under development are two deluxe properties, one in Miami (opening late 2000) and the other in New York (opening late 2003). The growth strategy of the Group is to capitalise on its luxury brand and to progress towards doubling to 10,000 rooms in major business centres and key leisure destinations worldwide.
For further information, please contact:
| Mandarin Oriental Hotel Group International Limited | |
| Edouard Ettedgui/Peter Cowern | (852) 2895 9288 (office) |
| Chantal Hooper | (852) 2895 9160 (office) |
| Forrest International Limited | |
| David Dodwell/Sue Gourlay | (852) 2522 6475 (office) |
Full text of this and other Group announcements can be accessed through the Internet at "http://www.irasia.com/listco/sg/mandarin".
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