Property News · February 28, 2019

Mandarin Oriental foresees reduced profits from closure of Excelsior as iconic hotel goes for redevelopment


Mandarin Oriental International, owner of the iconic waterfront Excelsior hotel, reported a 19 per cent rise in underlying profits last year bolstered by strong performance at its Hong Kong properties.But the luxury hotel chain operator admitted that the closure of the Excelsior would largely dent its profits this year, which contributed nearly 40 per cent to its overall underlying earnings in 2018.Mandarin Oriental posted underlying earnings of US$65.1 million for 2018, compared to US$54.9…

Source : South China Morning Post
Read more…Mandarin Oriental foresees reduced profits from closure of Excelsior as iconic hotel goes for redevelopment

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