| Journal: TWUK | Section: |
| Title: | Issue Date: 01/05/00 |
| Author: | Page Number: 6 |
| Copyright: Other |
Mandarin plans Rafael buyout
MANDARIN Oriental International has signed a contract to acquire The Rafael Group for $142.5m.Under the agreement Mandarin will take over the group’s six luxury hotels, four of which are owned properties and two which are under management contracts.
This will bring Mandarin’s portfolio up to nine hotels in Asia, seven in North America and four in Europe – the key to the group’s growth goals.
Mandarin has already announced its intentions to double its number of rooms to 10,000 within the next year. The acquisition of Rafael will increase the figure to 7,000.
Rafael also has a hotel project in England and Canada at an early stage of development.
The acquisition remains subject to shareholder agreement.