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

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

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…

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By | 2019-02-28T13:12:45+00:00 February 28th, 2019|Business|Comments Off on Mandarin Oriental foresees reduced profits from closure of Excelsior as iconic hotel goes for redevelopment