mandarin-oriental-sells-its-hotel-in-macau

Mandarin Oriental sells its hotel in Macau

Stanley Ho adds another property to his Macau portfolio.
January 20, 2009
Hotel company Mandarin Oriental International yesterday announced that it has entered into an agreement to sell its 50% stake in the 416-room Mandarin Oriental in Macau to Sociedade de Turismo e Diversoes de Macau STDM. Shun Tak Holdings, which owns the remaining 50%, will also sell its share in the hotel to STDM. Shun Tak Holdings and STDM are both part of the group of companies controlled by Macau's most famous gambling tycoon Stanley Ho.

The deal is expected to close at the end of May. Mandarin Oriental will receive approximately $90 million for its stake, resulting in an after-tax gain of $75 million, to be recognised in 2009.

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