Mandarin Oriental 'Interested' In Acquiring Luxury Hotel Brands
-- Hotels, 12/8/2009 10:52:00 AM
Mandarin Oriental International Ltd. is "interested" in acquiring other luxury hotel brands along the way to its goal of 200 hotels, CEO Edouard Ettedgui says.
“We probably can reach 80 to 100 hotels on our own, but if we want to get to 200, we have to do that through brand acquisitions,” Ettedgui tells Bloomberg. “If a luxury brand becomes available at a reasonable price, we’re interested.”
Asia and South America present the best opportunities for growth, Ettedgui says, adding that interested sellers have approached the hotel chain. As of June, Hong Kong-based Mandarin Oriental had US$563 million in cash on hand, according to Bloomberg. The company prefers to hold majority ownerships in hotels it operates.
Mandarin Oriental does not plan to sell any assets, Ettedgui says.
Across the Mandarin Oriental portfolio, occupancy is currently running at about 65% across all hotels, he says. Rates at the Las Vegas hotel will average US$350 to US$400 a night.
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