Mandarin Oriental to sell two retail units adjoining Mandarin Oriental, Paris
LONDON: Mandarin Oriental International Limited, the publicly listed parent company of Mandarin Oriental Hotel Group, has signed an option to sell its interests in two retail units adjoining the Mandarin Oriental, Paris located at 251 rue Saint-Honoré, Paris to Lavender Propco SNC, an entity controlled by Blackstone Europe LLP for €148 million.
The proceeds will be applied towards the Group’s general development strategy. The Group purchased the building containing the Retail Units and Hotel in 2013 and divided them into separate titles before selling the Hotel to Statuto Group for €205 million on 29th April 2024.
The Group’s acceptance of the offer for its interests in the Retail Units is subject to the statutory right of pre-emption by the City of Paris, among other conditions, it is anticipated that final documentation will be signed and completion of the sale of the Retail Units will take place on or after 30th June 2024.
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world’s most luxurious hotels, resorts and residences. Having grown from its Asian roots into a global brand, the Group now operates 40 hotels, 12 residences and 23 exclusive homes in 26 countries and territories, with each property reflecting the Group’s oriental heritage, local culture and unique sense of place. Mandarin Oriental has a strong pipeline of hotels and residences under development.
Mandarin Oriental International Limited is incorporated in Bermuda and has a primary listing in the standard segment of the London Stock Exchange, with secondary listings in Bermuda and Singapore. Mandarin Oriental is a member of the Jardine Matheson Group.
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