The Caterer

Landmark New York hotel is sold

30 December 2005
Landmark New York hotel is sold

International hotel group Mandarin Oriental is to sell the Mark hotel in New York for $150m (£87m) to developers Izak Senbahar and Simon Elias.

Mandarin Oriental originally acquired the hotel in 2000 as part of the $142.5m (£82.7m) aquisition of the Rafael Group.

After costs and tax, the company expects to make about $35m (£20.3m) on the deal. It will use the funds for "general corporate purposes, including pursuing its development strategy."

Earnings at the Mark were $2.5m (£1.45m) in the year to 31 December 2004.

Mandarin Oriental will now be represented in the Big Apple by the Mandarin Oriental New York, which opened at the end of 2003 on the south-west corner of Central Park.

The company has 23 luxury properties worldwide, with a further seven in development.

Get your copy of Caterer and Hotelkeeper every week - click here to subscribe and save 25%.

Sudoku Join the craze and play Sudoku online!
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!