Luxury hotel operator Mandarin Oriental has sold its 40% stake in the Kahala Mandarin Oriental hotel in Hawaii, which it will continue to manage.
The group has sold its interest to Kahala Royal Corporation, its partner in leasing the hotel, for a gross sum of gross $97m (£53m) which includes a $10m partnership debt. Mandarin's post-tax gain on the sale is about $36m (£19.7m).
In the year to 31 December 2004, Mandarin's share of the hotel's profits, management fees and licence fees came to approximately $3m (£1.65m).
The group operates 21 luxury hotels around the world and has another six under development in Hong Kong, Tokyo, Prague, Mexico, Boston and Chicago.
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