Mandarin Oriental Completes Sale Of The Mark, New York
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Mandarin Oriental Completes Sale Of The Mark, New York
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-02-20
Mandarin Oriental International Limited announced today that its wholly owned entity, Madison Avenue Hotel Partners Limited Partnership, has completed the sale of its 100% leasehold interest in The Mark, New York for a gross consideration of USD 150 million paid in cash. The purchaser is Mark Hotel LLC, an entity jointly controlled by Izak Senbahar and Simon Elias. After transaction costs and tax, the post-tax gain arising on the disposal is approximately USD 35 million.
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world’s most prestigious hotels and resorts, currently operating 21 luxury hotels with a further eight under development in Prague, Hainan Island, China and Riviera Maya, Mexico (2006), Boston
(2007), Grand Cayman (2008), Chicago, Las Vegas and Macau (2009). In total, Mandarin Oriental now operates, or has under development, approximately 8,500 rooms in 17 countries with 14 hotels in Asia, 11 in the Americas and four in Europe. Mandarin Oriental International Limited is a public listed company and a member of the Jardine Matheson Group.
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