September 15, 2017 / 3:31 PM / a year ago

Singapore's Mandarin Oriental gets bids for Excelsior hotel

(Reuters) - Singapore’s Mandarin Oriental International Ltd (MOIL.SI) said on Friday it had received bids for The Excelsior hotel in Hong Kong, with a media report suggesting that the iconic property could be valued at up to HK$34.2 billion ($4.38 billion).

Mandarin Oriental, controlled by Jardine Matheson Holdings (JARD.SI), said in June it had decided to test market interest in the possible sale of the property.

The 848-room hotel is likely to be valued at between HK$24 billion and HK$34.2 billion, according to a South China Morning Post report.

Possible suitors could include Sun Hung Kai Properties (0016.HK), Hysan Development (0014.HK) and a joint venture between Chinese Estates Holdings (0127.HK) and China Evergrande Group (3333.HK), the report said.

The hotel is located on Lot No.1, the first plot of land sold at an auction after Hong Kong became a British Colony in 1841.

Mandarin Oriental said in a filing with the Singapore Exchange that it could not confirm when the deal will be through.

The company declined to comment on Reuters’ request for details on the offers.

Mandarin shares closed 21 percent higher on Friday.

Reporting By Anusha Ravindranath and Rushil Dutta in Bengaluru; Editing by Anil D'Silva

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