| To : Business Editor | For immediate release |
MANDARIN ORIENTAL PURCHASES HYDE PARK HOTEL IN LONDON
19th November 1996 -- Mandarin Oriental International Limited ("MOIL") today announced that it has acquired the prestigious Hyde Park hotel in London from Granada Group PLC for a consideration of ?6 million. Mandarin Oriental will manage the hotel forthwith.
Built in 1892, originally as a Gentlemen's Club, the building became a hotel in 1902 and rapidly established itself as one of London's grandest properties. Located on a prime site in Knightsbridge overlooking Hyde Park, the hotel offers easy access to major business areas and the shopping and cultural attractions of the West End.
The hotel, which will be renamed Mandarin Oriental Hyde Park, London, has 185 luxuriously appointed guestrooms and suites, many of which overlook the Park. The hotel features comprehensive conference and banqueting facilities, business services and a fitness centre as well as four restaurants and bars, including The Restaurant Marco Pierre White, which was awarded its third Michelin star in 1995.
MOIL has acquired 100% of Hyde Park Hotel Limited, the owner of the freehold interest in the hotel. The consideration has been paid in full, with ?5 million being funded by debt provided by Midland Bank PLC and the balance from existing cash resources. For the year ending 31st January 1996, the hotel recorded earnings before depreciation, interest and tax of ?.5 million. Since that date, the hotel has achieved earnings growth and is expected to be making a positive contribution to MOIL's results by the end of 1997.
Announcing the acquisition, Robert E Riley, Managing Director of Mandarin Oriental Hotel Group said, "This is a significant step for our Group which provides us with a strong and permanent presence in London. We very much look forward to working with the employees of the Hyde Park hotel and continuing to provide the excellent levels of service for which the property is renowned. We believe Mandarin Oriental's award winning reputation will complement this exceptional hotel."
Mandarin Oriental Hotel Group operates hotels in Bangkok, Honolulu, Hong Kong, Jakarta, London, Macau, Manila, San Francisco, Singapore and Surabaya. Under development is a hotel in Kuala Lumpur, Malaysia. The company holds equity in most of the hotels under its management.
For further information please contact:
| Mandarin Oriental Hotel Group International Limited Stuart Burnett Heather Cusden |
Tel: (852) 2895 9177 (office) Tel: (852) 2895 9160 (office) |
| Mandarin Oriental Hyde Park London Brian Williams |
Tel: (44 171) 235 2000 (office) |
| Ludgate Asia Limited Martin Spurrier Zoe Chan |
Tel: (852) 2543 5413 (office) |
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