The hotel, which will be named Mandarin Oriental, Miami, will be developed on a prime waterfront site featuring unobstructed views of Biscayne Bay and the Miami downtown skyline. The site is located on Brickell Key, a 44-acre island considered to be one of Miami's most prestigious commercial and residential locations, with easy access to the city's downtown commercial business district via Brickell Key Bridge.
The property is being designed as a city resort with 290 spacious and luxurious guestrooms and suites, many with balconies overlooking the water. Full service spa facilities will complement a comprehensive health club and large outdoor swimming pool. Other features of the hotel include a 200-seat signature restaurant, a lobby lounge and a cocktail bar with cigar divan. Conference and banqueting facilities will be provided for up to 650 people, in addition, the hotel will feature a 24 hour business centre, car parking facilities and all the services and amenities that are typically provided by Mandarin Oriental hotels.
The total development cost of the hotel is projected to be US$85 million of which some US$50 million is expected to be financed by external loans. Swire Properties is contributing 75% of the equity and Mandarin Oriental will take a 25% stake in the hotel for a consideration of US$9 million, which will be funded from existing resources. Construction of the property will commence towards the end of 1998 and is due for completion in early 2001.
Miami, with a population of two million, is one of the world's leading trade centres as well as a popular leisure destination and the acknowledged cruise ship capital of the world. It is considered to be the USA's gateway to Latin America with more than 30% of all exports passing through Miami's ports. With a focus on the development of Miami as a major arts, entertainment, sports and leisure destination and with the recent expansion of the Miami Beach Convention Centre, the city is experiencing a major resurgence.
"We look forward to working with our partner, Swire Properties, on building Florida's most luxurious hotel and intend to create a unique property, representative of the next generation of hotels. With its spectacular location combined with Mandarin Oriental's renowned hospitality, this hotel is set to become a world leader," said Robert E. Riley, Managing Director of Mandarin Oriental Hotel Group.
"As a long-time developer in the Miami market with a substantial investment here, Swire Properties is proud to be bringing to the city a luxury hotel that by its calibre and flag will enhance Miami's status as a leading international city. We look forward to Mandarin Oriental, Miami making a great addition to our skyline and to our unique island community of Brickell Key," said Stephen L. Owens, President of Swire Properties Inc.
Mandarin Oriental Hotel Group operates hotels in San Francisco, Hawaii, London, Bangkok, Hong Kong, Jakarta, Macau, Manila, Singapore and Surabaya. Under development is a hotel in Kuala Lumpur, Malaysia.
For further information, please contact:
Mandarin Oriental Hotel Group International Limited (852) 2895-9160 (office)
Heather Cusden
Ludgate Asia Limited (852) 2543-5413 (office)
Nick Footitt (852) 2915-2924 (residence)
Full text of this announcement can be accessed through the Internet at
http://www.irasia.com/listco/sg/mandarin and is also available through "First Call".