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Acquisitions could help get the 5-star group to its 200-hotel goal
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Hong Kong-based Mandarin Oriental International Ltd. is on the hunt for 5-star brand acquisitions to speed up its portfolio growth. Speaking with Bloomberg.com at the opening of the Mandarin Oriental Las Vegas yesterday, the group's ceo, Edouard Ettedgui, said the company has been approached by various sources seeking buyers in recent months. “If a luxury brand becomes available at a reasonable price, we're interested,” Ettedgui said in the interview.
Given the current development pipeline, Ettedgui added that Mandarin Oriental “can reach 80 to 100 hotels on our own.” However, he said acquisitions would be key to hitting the 200-hotel market in the near term.
There's nothing wrong with the timing. Mandarin Oriental has a strong balance sheet and a net debt-to-equity of about 11 percent. Unlike many hotel brands that have been separating “bricks and brains,” Mandarin Oriental prefers to hold at least a majority stake in its managed hotels in target markets. That strategy has paid dividends—literally and figuratively for Mandarin Oriental's investors. Shares rose 4 percent in Singapore trading after the opening of the hotel in Las Vegas' CityCenter resort.
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