“Over the last 18 years, Mandarin Oriental has positioned this hotel as a market leader in the city. During this period however, the group’s portfolio has developed significantly with many new, unique properties across the world that are more in line with our long-term vision for the brand than this asset,” says James Riley, group chief executive.
Mandarin Oriental International, which is a part of the Jardine Matherson group, has entered into an agreement to sell Mandarin Oriental, Washington DC to Henderson Park, a London-headquartered private equity real estate manager.
Following the sale, the group will receive proceeds of US$139 million ($194.2 million) with a post-tax, non-trading gain of approximately US$45 million. The sum will be recognised in the group’s results for the FY2022.
