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Landmark New York hotel is sold

30 December 2005

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.

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