Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Mandarin enjoys strong 2005

23 February 2006
Mandarin enjoys strong 2005

Hotel owner and operator Mandarin Oriental has predicted a strong 2006, after turnover and profit both climbed significantly last year.

The company opened two hotels and signed four management contracts during 2005.

It now has 21 hotels and with eight properties under development, representing some 8,500 rooms, and is on course to hit its target of at least 10,000 rooms in key cities across the globe.

Company chairman Simon Keswick said: "Markets are expected to remain favourable in 2006. While the temporary closure of Mandarin Oriental Hong Kong will inevitably affect the group's results, the effect will be partially offset by increasing contributions from new properties."

Turnover leapt 22% to $815.4m (£465.9m) from $667.3m (£381.2m) a year earlier.

Profit before tax was 25% higher at $124m (£70.8) compared with $99m (£56.6m) a year ago. This was despite $11m of pre-opening costs in relation to the launch of the Mandarin Tokyo hotel last December.

Mandarin Oriental sold its 40% stake in Kahala Mandarin Oriental Hawaii during the year for $36m and ended its management contract there.

It also sold the Mark hotel in New York for $35m, proceeds of which will be recognised in its 2006 results.

By Chris Druce

Get your copy of Caterer and Hotelkeeper every week -

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

Check mark icon
Thank you

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

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking