Mandarin Oriental turns down offers for The Excelsior

/ EdgeProp
September 27, 2017 3:04 PM SGT
Mandarin Oriental International has rejected proposals for the sale of The Excelsior, Hong Kong, according to an SGX filing on Sept 27. Mandarin Oriental said that none of the offers “met fully its expectations or transaction requirements”.
This follows Mandarin Oriental’s announcement on Sept 15 that it received proposals from potential buyers interested in acquiring The Excelsior.
Located on a prime commercial waterfront site at Causeway Bay, The Excelsior is the sole four-star hotel in Mandarin Oriental’s portfolio. Approval has been given for a commercial development on its site with a gross floor area of approximately 693,500 sq ft.
Source: Mandarin Oriental
Mandarin Oriental first announced interest in a potential sale of The Excelsior on June 5, in light of “strong commercial property valuations in Hong Kong” at that time.