Updated: Jul 19, 2022 9:31 PM
Mandarin Oriental International Limited is selling the luxury and iconic Mandarin Oriental, Washington DC, for approximately $139 million with an after-tax non-trading gain of approximately $45 million to be recognized in 2022, according to a filing with the Stock Exchange. Bermuda.
A member of the Bermuda-domiciled Jardine Matheson Group, Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world’s most luxurious hotels, resorts and residences, operating 36 hotels and seven residences in 24 countries and territories.
The Mandarin Oriental is prominently displayed along the capital’s revitalized southwest waterfront. This is a five-star luxury hotel with extensive amenities in a serene scenic setting just steps from America’s most beloved landmarks and the District Wharf area.
The sale to Henderson Park, a London-based private equity property manager, is scheduled for September.
James Riley, Group Managing Director, said: “Over the past 18 years, Mandarin Oriental has positioned this hotel as a market leader in the city.
“During this period, however, the group’s portfolio has grown significantly with many unique new properties around the world that are more in line with our long-term vision for the brand than this asset.
Today, with our experience in building market-leading hotels, the group’s expansion strategy is focused on growing the management business with brand-defining properties. With strong investor interest in this property, the time was right to initiate a sale process, which has now been successfully concluded.
“The United States is a key market for Mandarin Oriental. The group announced new hotel developments in Boca Raton, Grand Cayman and Honolulu as well as residence projects in New York and Beverly Hills and other exciting developments are expected in the coming months.
Mandarin Oriental, Washington D.C.
District Wharf – a mile-long stretch along the Potomac River featuring restaurants, retailers, residences, and businesses in Washington D.C.