Mandarin Oriental International announced Monday it has plans to explore a potential sale of The Excelsior Hotel in Hong Kong.
According to The Business Times, the group is looking to take advantage of strong property valuations in Hong Kong amid an ongoing review of its long-term strategic options.
"As part of this review, and in light of the current strong commercial property valuations in Hong Kong, the company has decided to test market interest in the possible sale of the property, which has approval for the development of a commercial building with a gross floor area of some 63,500 square meters on the site," the group said in a filing to the Singapore Exchange via the Times.
Mandarin Oriental confirmed that "no decision has yet been made as to the preferred course of action."
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The company said any speculation at this point would be premature.
The four-star hotel boasts nearly 870 rooms and suites and sits along the waterfront in Hong Kong's bustling Causeway Bay District. The hotel-which serves as Mandarin Oriental's headquarters-is also home to several restaurants and cafes.
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Mandarin Oriental currently operates more than two dozen hotels in 19 different countries and territories around the world. The Excelsior is the group's only property not branded as Mandarin Oriental.
Travelers looking to experience one of Hong Kong's most famous hotels can book the Summer Park Fever package now through Aug. 31. The limited-time package includes Ocean Park tickets and shopping privileges, among other perks.
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