JSM Acts for Shun Tak Holdings in Disposal of its 50% Interest in Mandarin Oriental Hotel, Macau
22 January 2009
JSM acted for Shun Tak Holdings in the agreement to sell its 50% interest in the Mandarin Oriental in Macau to Sociedade de Turismo e Diversoes de Macau (STDM) in a deal announced on 21 January in the SCMP. Their partner, Mandarin Oriental International, will also sell its 50% equity interest to STDM at the same time with completion of the sale expected by the end of May 2009. The agreed value of the 416-room hotel is HK$1.6 billion (US$205 million). Mandarin Oriental and Shun Tak will have the right to participate equally in any increase in the hotel site's value, over and above the agreed value of HK$1.6 billion which might arise if the property were to be redeveloped or sold to a third party in the future. Mandarin Oriental will continue to manage the hotel for two years. Winston & Strawn acted for Mandarin Oriental and C&C Advogados acted for STDM.
The JSM team was lead by David Ellis and involved Emily Wong and Jacqueline Chiu.