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    M04   BMG578481068

MANDARIN ORIENTAL INTERNATIONAL LIMITED

(M04)
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Mandarin Oriental to Expand China Footprint with New Luxury Hotel in Hangzhou

03/18/2021 | 11:08am EST

Mandarin Oriental Hotel Group has announced that it will manage a new luxury hotel in Hangzhou, China, scheduled to open in 2025.

Hangzhou is a leading centre of tourism, culture, science and education in the province of Zhejiang, and is undergoing significant expansion and rejuvenation.

Mandarin Oriental, Hangzhou will be part of the Westlake 66 mixed-use commercial and luxury retail complex owned and being developed by Hang Lung Properties. The development will be a leading attraction in the city, located close to the West Lake, an UNESCO World Heritage Site and one of China's primary leisure destinations, with easy access to the city's principal business hubs, Binjiang and Qianjiang.

The hotel will comprise 194 guestrooms and suites as well as four restaurants and bars. Significant meeting and event space will ensure it is well positioned for business and social gatherings.

Extensive spa and wellness facilities will provide a comprehensive range of wellness, beauty and massage treatments, featuring Mandarin Oriental's signature spa therapies. A well-equipped fitness centre and indoor swimming pool will also be featured.

'We are delighted to be part of this exciting project and to be extending the Group's presence in mainland China. This development further reinforces the Group's commitment to building on our existing portfolio in Beijing, Shanghai, Guangzhou and Sanya, along with properties currently under development in Nanjing, Shenzhen and Qianmen, Beijing.' said James Riley,

Group Chief Executive of Mandarin Oriental. 'I am particularly pleased to partner with Hang Lung Properties given their clear commitment to sustainability, aligning with our own sustainability goals and objectives.' he added.

'We are excited to partner with Mandarin Oriental on this important addition to our development portfolio,' said Weber Lo, Chief Executive Officer of Hang Lung Properties. 'We believe Mandarin Oriental's global reputation for excellence will ensure that this luxury hotel provides an exceptional addition to the vibrancy of the city and compliments our ambitions for Westlake 66 to create a new and dynamic destination in the heart of Hangzhou.'

About Hang Lung Properties

Hong Kong-based Hang Lung Properties is one of the region's most eminent real estate developers and increasingly recognised for leading enhanced sustainability initiatives in real estate.

VP, Marketing Communications

Shevaun Leach

SHEVAUNL@MOHG.COM

+852 2895 9286

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HANG LUNG PROPERTIES LIMITED 1.24% 16.3 End-of-day quote.1.62%
HONG KONG EXCHANGES AND CLEARING LIMITED 0.84% 456.4 End-of-day quote.0.22%
JARDINE MATHESON HOLDINGS LIMITED 1.49% 59.34 Delayed Quote.6.42%
MANDARIN ORIENTAL INTERNATIONAL LIMITED 0.92% 2.2 Delayed Quote.-2.68%
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Financials (USD)
Sales 2020 184 M - -
Net income 2020 -680 M - -
Net Debt 2020 694 M - -
P/E ratio 2020 -3,16x
Yield 2020 -
Capitalization 2 755 M 2 755 M -
EV / Sales 2019 4,90x
EV / Sales 2020 15,5x
Nbr of Employees -
Free-Float -
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Managers and Directors
James Riley Group Chief Executive Officer & Director
Hamish Andrew Ross Director-Finance
Matthew Bishop Chief Financial Officer & Director
Benjamin William Keswick Chairman
Monika Nerger Chief Information Officer