Henderson Park buys Washington’s Mandarin Oriental hotel
London-based private equity real estate manager Henderson Park has bought the 373-bedroom Mandarin Oriental hotel in Washington DC.
Mandarin Oriental said it would receive gross proceeds from the sale of the property of $139m (£116m), reflecting a gain of $45m.
Hospitality is a “high-conviction” asset class for Henderson Park, and this latest deal reflects the continuing growth of its global hotel portfolio. Mandarin Oriental will cease to operate the hotel once the deal completes in September this year.
London-based private equity real estate manager Henderson Park has bought the 373-bedroom Mandarin Oriental hotel in Washington DC.
Mandarin Oriental said it would receive gross proceeds from the sale of the property of $139m (£116m), reflecting a gain of $45m.
Hospitality is a “high-conviction” asset class for Henderson Park, and this latest deal reflects the continuing growth of its global hotel portfolio. Mandarin Oriental will cease to operate the hotel once the deal completes in September this year.
James Riley, chief executive of Mandarin Oriental, said: “Over the past 18 years, Mandarin Oriental has positioned this hotel as a market leader in the city. During this period, however, the group’s portfolio has developed significantly, with many new, unique properties across the world that are more in line with our long-term vision for the brand than this asset.
“Today, the group’s strategy for expansion is focused on growing the management business with brand-defining properties. With strong interest from investors in this property, the time was right to initiate a sales process which has now been successfully concluded.”
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