Annual Report 2024
Mandarin Oriental
international Limited
Mandarin Oriental Hotel Group is an international hotel investment and management group,
with a presence in sought-after destinations around the world. Renowned for creating outstanding
properties, each destination reflects the Group’s Asian heritage, local culture and unique design. Driven
by a passion for the exceptional, every day, everywhere, the Group’s mission is to craft time-enriching
experiences that transform the ordinary into the exceptional and guests to fans through its legendary
service. The Group now operates 41 hotels, 12 residences and 26 exceptional homes in 26 countries
and territories, with many more projects under development. Mandarin Oriental regularly receives
international recognition and awards for outstanding service and quality management. The Group
has equity interests in a number of its properties and adjusted net assets worth approximately
US$4.4 billion as at 31 December 2024.
Mandarin Oriental continues to drive its reputation as an innovative leader in luxury hospitality,
seeking selective opportunities to expand the reach of the brand, with the aim of maximising
profitability and long-term shareholder value.
The parent company, Mandarin Oriental International Limited, is incorporated in Bermuda and
has a primary listing in the equity shares (transition) category of the London Stock Exchange, with
secondary listings in Bermuda and Singapore. The activities of the Group’s hotels are managed from
Hong Kong. Mandarin Oriental is a member of the Jardine Matheson group.
Contents
1 Corporate Overview
3 Corporate Information
4 Highlights
6 Chairman’s Statement
8 Group Chief Executive’s Review
12 Operating Summary
14 Development Portfolio
16 International Brand Recognition
19 Sustainability
33 Financial Review
38 Directors’ Profiles
40 Financial Statements
102 Independent Auditor’s Report
109 Report of the Valuers
110 Five Year Summary
111 Responsibility Statements
112 Corporate Governance
145 Shareholder Information
146 Mandarin Oriental Hotel Group Contact Addresses
2 Mandarin Oriental International Limited
Senior Management
Laurent Kleitman Group Chief Executive
Matthew Bishop Chief Financial Officer
Kieren Barry Group Counsel
Francesco Cefalu Chief Development Officer
Geraldine Dobey Group Director of Service and
Opening Excellence
Samantha Furlong Group Director of Rooms
Amanda Hyndman Chief Operating Officer
and Chief People & Culture Officer
Vincent Marot Chief Technical Services Officer
Jeremy McCarthy Group Director of
Spa & Wellness
Monika Nerger Chief Information Officer
David Nicholls Group Director of
Food and Beverage
Kristin Ruble Senior Vice President, Commercial
Alex Schellenberger Senior Vice President, Brand
Torsten van Dullemen Group Director of
Sustainability, Area Vice President, Operations,
and General Manager
Directors
Ben Keswick Chairman
John Witt
(stepped down on 22 July 2024)
Laurent Kleitman Group Chief Executive
Matthew Bishop Chief Financial Officer
Cristina Diezhandino
(joined the Board on 1 August 2024)
Jinqing Cai
Adam Keswick
Archie Keswick
Fabrice Megarbane
(joined the Board on 1 August 2024)
Richard Solomons
Scott Woroch
(joined the Board on 4 November 2024)
Company Secretary
Jonathan Lloyd
(resigned on 22 July 2024)
Sean Ward
(appointed on 22 July 2024)
Registered Office
Corporate Information
3Annual Report 2024
Mandarin Oriental International Limited
13% growth in combined total revenue, up to US$2.1 billion, and 15% growth in hotel management fees
driven by strong RevPAR increases in all regions
Underlying profit after tax of US$75 million in 2024, 8% lower than 2023 due to lower
one-off residences branding fees
Accelerated growth with five new hotels and residences planned to open in 2025
Strong pipeline replenishment with the announcement of eight new management contracts including the
latest additions: Hôtel Lutetia in Paris, the Conservatorium Hotel in Amsterdam, Puerto Rico in the
Caribbean, and Suzhou in China
41 hotels under management, a milestone in global footprint, with a target to more than double by 2033
Investing in capability now to achieve long-term targets and sustain accelerated growth
Paris property disposed for US$382 million advancing asset-light strategy
Final dividend of US¢3.50 per share, resulting in stable total dividends of US¢5.00 per share
Results
Year ended 31 December
2024
US$m
2023
US$m
Change
%
Combined total revenue of hotels under management
1
2,127.7 1,890.2 13
Revenue 525.8 558.1 (6)
Underlying EBITDA (Earnings before interest, tax,
depreciation and amortisation)
2
172.0 177.6 (3)
Underlying profit attributable to shareholders
3
74.7 81.0 (8)
Revaluation loss on investment properties (171.0) (486.7) 65
Net gain on sale of subsidiaries and asset disposals 20.0 41.3 (52)
Loss attributable to shareholders (78.6) (365.4) 78
US¢ US¢ %
Underlying earnings per share
3
5.91 6.41 (8)
Loss per share (6.22) (28.91) 78
Dividends per share 5.00 5.00 –
US$ US$ %
Net asset value per share 2.25 2.34 (4)
Adjusted net asset value per share
4
3.50 3.67 (5)
Net debt/shareholders’ funds 3% 8%
Net debt/adjusted shareholders’ funds
4
2% 5%
1
Combined revenue includes turnover of the Group’s subsidiary hotels in addition to 100% of revenue from associate, joint venture
and managed hotels.
2
EBITDA of subsidiaries plus the Group’s share of EBITDA of associates and joint ventures.
3
The Group uses ‘underlying profit’ in its internal financial reporting to distinguish between ongoing business performance and
non-trading items, as more fully described in note 34 to the financial statements. Management considers this to be a key
measure which provides additional information to enhance understanding of the Group’s underlying business performance.
4
The Group’s investment properties are carried at fair value on the basis of valuations carried out by independent valuers at
31 December 2024. The other freehold and leasehold interests are carried at amortised cost in the consolidated balance sheet.
Both the adjusted net asset value per share and net debt/adjusted shareholders’ funds at 31 December 2024 have included the
market value of the Group’s freehold and leasehold interests.
Highlights
4 Mandarin Oriental International Limited
Net debt/adjusted shareholders’ funds
Underlying EBITDA and net interest expense
US$m
US$m
US$m
US$m
Net debt
Adjusted shareholders’ funds
Net interest expense
Underlying earnings before interest, tax,
depreciation and amortisation (EBITDA)
Asia
America
Europe, the Middle East and Africa (EMEA)
Asia
America
Europe, the Middle East and Africa (EMEA)
Revenue
by geographical area
20212020
20242023
2022
2024202320212020 2022
2,127.7
723.1
266.4
1,138.2
1,890.2
638.0
255.6
996.6
1,568.1
462.1
275.0
831.0
593.0
278.6
76.2
238.2
1,053.5
354.0
170.4
529.1
232.2
48.3
525.8
245.3
96.9
20.7
183.7
66.1
219.9
49.6
558.1
288.6
141.4
73.0
454.1
239.7
132.4
46.7
316.9
137.8
2024
172.0
13.8
20232022
177.6
18.9
111.4
20.1
2021
40.7
17.2
(74.2)
15.9
2020
2024
4,426.8
2.1%
2023
225.2
4,636.6
4.9%
2022
375.8
4,896.7
7.7%
2021
517.5
4,965.7
10.4%
506.2
5,170.9
9.8%
2020
Combined total revenue
by geographical area
93.5
5Annual Report 2024
Chairman’s Statement
Year in review
2024 was a year of significant progress for Mandarin Oriental, marked by strong growth, robust performance,
and the launch of our brand-led, guest-centric strategy, paving the way for accelerated further growth over the
next decade.
Global luxury hospitality has transitioned from a period of strong resurgence in travel demand following the lifting
of pandemic restrictions to a more normal pace of growth in 2024. Against this backdrop, Mandarin Oriental has
reported good performance underpinned by its enduring brand desirability, an expanding market-leading portfolio,
and exceptional guest experiences.
In the Management Business, improvements in RevPAR performance were supported by strong guest demand for
our ultra-luxury hotels, and drove solid combined total revenue performance across all regions, and considerable
growth in hotel management fee income, notably in Asia and Europe, the Middle East and Africa (EMEA).
2024 Financial performance
The Management Business reported an underlying profit after tax of US$34 million in 2024, compared
to US$41 million in 2023. Strong growth in recurring hotel management fee income was more than offset
by reductions in one-off residences branding fees, but recurring profitability continued to improve as the
Management Business scales.
The Owned Hotels reported a stable contribution US$45 million profit after tax in 2024. The majority of the
Group’s Owned Hotels delivered solid revenue and profit growth, with Singapore in particular delivering higher
profits after the hotel’s renovation in 2023. Tokyo and Madrid benefitted from robust demand and achieved notable
improvements in earnings. Earnings from Paris reduced following the disposal of that hotel property together with
its retail units in mid-2024.
Overall, underlying profit after tax was US$75 million in 2024 compared to US$81 million in 2023. Underlying
earnings per share was US¢5.91, compared with US¢6.41 in 2023. Non-trading losses of US$153 million primarily
comprised a non-cash revaluation of One Causeway Bay – the Group’s redevelopment site in Hong Kong, resulting
in a loss attributable to shareholders of US$78 million. Consolidated net debt significantly decreased from
US$225 million as at 31 December 2023 to US$94 million as at 31 December 2024, mainly due to the receipt of
sale proceeds from Paris hotel and retail properties, partially offset by investment in One Causeway Bay. Gearing
was 2% of adjusted shareholders’ funds, reduced from 5% at the end of 2023.
The Directors recommend a final dividend of US¢3.50 per share. Together with the interim dividend of
US¢1.50 per share declared, total dividends are US¢5.00 per share.
Sustainability
As we set our sights on accelerated growth over the next 10 years, we believe firmly in increasing our positive social
impact and reducing the intensity of our environmental footprint. We set ambitious environmental targets across
energy and emissions intensity, the elimination of single-use plastics, responsible sourcing, sustainable design
practices and waste reduction.
6 Mandarin Oriental International Limited
Governance
In 2024, a number of changes were made to the composition and operation of the Company’s Board and
Committees to ensure an effective governance framework that supports the Group’s new strategy as a brand-led,
guest-centric, global luxury hospitality group.
Board composition
We were delighted to welcome three new Independent Non-Executive Directors to the Board: Cristina Diezhandino,
Chief Marketing Officer and a member of Diageo’s executive committee, effective 1 August 2024; Fabrice Megarbane,
Chief Global Growth Officer and a member of L’Oréal’s executive committee, effective 1 August 2024; and
Scott Woroch, Managing Director of Kadenwood Partners, effective 4 November 2024.
With effect from 22 July 2024, John Witt stepped down as a Director of the Company and as a member of the
Company’s Remuneration and Nominations Committees.
Board Committees
With effect from 22 July 2024, Adam Keswick stepped down from the Nominations Committee, and
Graham Baker stepped down from the Remuneration Committee. Adam remains as a Director.
On 24 July 2024, the Company’s Board approved updated terms of reference for each of the Audit, Remuneration
and Nominations Committees, to align them better with the future needs of the business.
Corporate Secretary
On 22 July 2024, Sean Ward was appointed as Corporate Secretary of the Company, succeeding Jonathan Lloyd.
On behalf of the Board, I would like to thank John and Graham for their contributions to the Group, and welcome
Cristina, Fabrice, Scott and Sean.
Outlook
Luxury hospitality presents enormous potential for future growth. With dynamic leadership, clarity of vision and
strategy, and effective governance, Mandarin Oriental is strategically positioned to enhance further its desirability
and scale as an ultra-luxury hospitality brand, and to create value for its shareholders, partners, and communities.
Ben Keswick
Chairman
5 March 2025
7Annual Report 2024
Group Chief Executive’s Review
In 2024, Mandarin Oriental launched its brand-led, guest-centric strategy and reaffirmed its position as a leader
in luxury hospitality anchored on our new vision, Fans of the Exceptional, Every Day, Everywhere.
This new vision for Mandarin Oriental encapsulates our relentless commitment to elevating our offering and
delivering exceptional experiences wherever we meet guests. In the rapidly evolving world of global hospitality,
Mandarin Oriental’s Legendary Service, unique dual Asian heritage, and constant innovation will maintain the
brand at the pinnacle of luxury.
We have embarked on our new strategy for the next decade, focused on elevating the desirability of the brand,
doubling our portfolio in key global cities and sought-after leisure destinations, innovating the guest experience
to make every moment exceptional, as well as generating value for our stakeholders. We have shared this new
strategy with our hotel owner partners, and our team of over 15,000 colleagues, who are central to the success
of the new vision. The new strategy has been extremely well received, bringing clarity, confidence, and pride
to the Group. With this vision, we are now building the right capabilities, governance, and culture to drive
transformational growth.
2024 Performance
Summary of performance: double-digit total combined revenue growth
Mandarin Oriental now manages 41 hotels, 12 residences, and 26 homes across 26 markets. In 2024, the Group
reported solid operating performance. Combined total revenue for hotels under management was US$2.1 billion
for the year, up 13% from 2023. This improvement was fuelled by a 7% increase in RevPAR, as occupancy
continued to strengthen across all regions. Food & Beverage (F&B) revenue was also 11% higher than 2023,
contributing to the healthy growth in top-line performance.
In Europe, the Middle East and Africa (EMEA), RevPAR was US$671, 4% above the record levels set in 2023.
RevPAR performance was notably better in Madrid, Costa Navarino, and Zurich, as well as Riyadh which
demonstrated the strength of the brand after being rebranded as a Mandarin Oriental hotel in early 2024.
In America, we demonstrated resilient performance and achieved growth in both rates and occupancy, resulting in
a 6% year-on-year improvement in RevPAR to US$434.
In Asia, RevPAR was US$242, 14% above 2023. Both rates and occupancy were supported by strong intra-regional
travel demand, with Tokyo and Southeast Asia performing particularly well. We continued to see strong domestic
demand in China. Our most recent launch, our second hotel in Beijing, has commanded strong rate leadership
demonstrating the strength and desirability of the brand.
Management Business: +15% in hotel management fee income
With higher RevPARs and an expanded portfolio, we achieved another year of very strong growth in hotel
management fee income over previous record levels. The 15% year-on-year improvement in hotel management fee
income was primarily driven by Asia and EMEA, while hotels in America showed steady performance. EBITDA
from the Management Business was lower in 2024 compared to 2023, as better recurring hotel management fees
were offset by reduced one-off branding fees from the sale of branded residences. With growth of branded residences
being a high return priority for the Management Business, we continue to replenish our residences pipeline to drive
sustainable growth.
8 Mandarin Oriental International Limited
Owned Hotels: strong underlying growth
Following the disposal of our property in Paris, the Group owns or partially owns 12 hotels across the globe.
In 2024, Owned Hotels recorded 2% higher EBITDA than in 2023. Mandarin Oriental, Tokyo, celebrating
its 20th anniversary this year, continued to excel in a competitive market and delivered further revenue and
profit growth in 2024. Mandarin Oriental, Singapore returned strong revenues and profits after its repositioning.
In Europe, Mandarin Oriental Ritz, Madrid, achieved record EBITDA in 2024, and was acclaimed with the highest
distinction of three Michelin keys by The MICHELIN Guide.
A year in review
In 2024, Mandarin Oriental reinforced its appeal as an ultra-luxury hospitality brand and continued to build
pipeline for future growth.
Elevating Mandarin Oriental to a distinct luxury brand
Throughout 2024, we enhanced the desirability, awareness and reputation of the Mandarin Oriental brand while
reconnecting with our historical roots dating back to 1876, when our iconic Bangkok hotel opened. As we enter
2025, we unveil a refreshed visual identity for Mandarin Oriental. The brand’s dual heritage has always been
cherished by our Fans, and our colleagues. It sets the brand apart through Mandarin Oriental’s fusion of grace
and tradition, entrepreneurial energy, mastery of craft, and unrivalled service. The revitalisation of our visual
identity personifies this unique and harmonious foundation as we advance our transformative journey to elevating
Mandarin Oriental to a distinct luxury brand.
Throughout 2024, we engaged our audiences with extensive media coverage through selected lifestyle publications
and digital platforms. These efforts have been complemented by our iconic ‘I’m A Fan’ advertising campaign,
featuring over 50 celebrity fans. To strengthen further this iconic communication platform, we have announced
Yuja Wang the acclaimed world-renowned pianist as our new celebrity fan.
Mandarin Oriental has received global recognition, with over 200 prestigious awards celebrating the exceptional
experiences we craft and the unwavering dedication of our colleagues. Highlights include Best Luxury Hotel Brand
in the annual Luxury Travel Intelligence, ranking #1 for the second consecutive year; World’s Best Hotel Spa Brand
by World Spa Awards for the third consecutive year; placement of 23 hotels in Forbes 5-Star Awards by Forbes
Travel Guide. One of our founding hotels – Mandarin Oriental, Bangkok – was honoured as Best Hotel in the
World and Best Hotel in Asia by The Telegraph Hotel Awards 2024. And many new Michelin star accolades were
received as testament to our culinary excellence.
As we continue to elevate our guest experience, we announced the enhancement of The Landmark Mandarin
Oriental, Hong Kong. This rejuvenation will bring a transformed experience to our guests with innovative dining
concepts and elevated guestrooms, setting a new benchmark for ultra-luxury hospitality in the heart of Central
Hong Kong.
9Annual Report 2024
Group Chief Executive’s Review Continued
Accelerating expansion of the Management Business globally
Our ambition is for long-term, sustainable growth, and over the course of 2024 the Group has made strides towards
our strategic goals.
In January, we rebranded Mandarin Oriental Al Faisaliah, Riyadh – our first flag in Saudi Arabia, and opened
Mandarin Oriental Residences, Fifth Avenue in New York. We opened three new hotels in the rest of the year:
Mandarin Oriental Mayfair, London in the heart of London’s art and fashion district, Mandarin Oriental, Muscat
overlooking the Gulf of Oman, and Mandarin Oriental Qianmen, Beijing, our second property in Beijing, delivering
one of the highest rates in mainland China shortly after its opening in September.
Since the start of 2024, we secured eight exceptional hotel and residences projects, reflecting the confidence our
Owner Partners have in our brand and Mandarin Oriental as a luxury operator. These projects are:
A collection of villas in the heart of Rome forming a unique urban resort;
A secluded beach resort with branded residences on Bali’s south coast;
A beach resort with branded residences on Mexico’s Riviera Maya on the Yucatan Peninsula;
Stunning branded residences in Abu Dhabi’s new cultural district;
The rebranding of the iconic century-old Hôtel Lutetia in Paris, a symbol of Parisian elegance and culture
situated on the left bank, complementing Mandarin Oriental, Paris on Rue Saint Honoré;
The rebranding of the Conservatorium Hotel in Amsterdam, the Group’s debut project in the Netherlands;
A beach resort with branded residences facing Boquerón Bay in Puerto Rico; and
A luxury hotel in Suzhou in mainland China featuring panoramic views of Jinji Lake.
With these additions, our pipeline now comprises 32 hotels and 18 residences. The Group is now expanding at
an unprecedented pace, and we will continue to bring Mandarin Oriental to more of the destinations that our
discerning guests desire. To ensure successful delivery of this growth plan and pave the way for further growth
we have bolstered our leadership, technical, and operational capabilities.
In December, we announced full ownership of Mandarin Oriental Exceptional Homes, our collection of the world’s
finest private vacation homes and mansions. This business was launched in 2022 and has expanded to a global
portfolio featuring 26 properties in sought-after destinations today. We look forward to accelerating growth,
enhancing our offering, and identifying many more exceptional private homes for this collection.
Reviewing owned assets
We constantly review our deployment of capital to ensure alignment with our strategy. In mid-2024,
the Group completed the disposal of our Paris hotel and retail properties for US$382 million and recognised
a gain on disposal of US$20 million. A new long-term hotel management contract has been agreed together
with a renovation plan to strengthen the positioning of Mandarin Oriental, Paris.
Our Grade A mixed-use development in Hong Kong, One Causeway Bay, topped out in July 2024 and is due to be
completed by the second half of 2025.
10 Mandarin Oriental International Limited
Investing in people and transforming culture
In 2024, we strengthened our approach to support talent and leadership. We launched our Colleague Value
Proposition – We’re fans. Are you? This proposition reflects Mandarin Oriental’s commitment to a holistic approach
to Colleague experience and engagement, and our dedication to putting our people at the heart of everything we
do. We announced a partnership with Sommet Education, a global leader in hospitality management education.
This collaboration signals our commitment to advancing the hospitality profession by nurturing future talent,
championing diversity and delivering innovative learning and development programmes.
Purposeful operations rooted in communities
As Mandarin Oriental continues on a journey of accelerated growth, we will continue to serve in balance our
guests, colleagues, partners, communities, and planet. Endeavouring to do the right things earned us three
World Sustainable Travel & Hospitality Awards in 2024, recognising our Sustainable Supply Chain Programme,
Sustainable Development initiatives, and commitment as a Sustainable Employer. In 2024, the Group spent
78,000 hours giving back to local communities, a 50% increase over the prior year. These endeavours highlight
our commitment to community welfare.
The year ahead
In 2024, we united in a bold growth ambition for the next decade. In 2025, we expect to advance in executing
against the strategy. Five new hotels and residences are planned to open over the course of the year: our second
hotels in Paris and Dubai, our debuts in Amsterdam and Vienna, as well as our first residences in Madrid. We will
launch a new mobile application aiming at simplifying our guests’ journey. We will continue to deploy our refreshed
brand identity and renew our communication, bringing new celebrity fans on board and launching more creative
and storytelling content to support brand desirability. We will soon be launching the 150th anniversary of our
iconic Bangkok property: in addition to innovations and renovation projects we will announce a series of brand
building events starting in the fourth quarter of 2025 and running through the whole of 2026.
Through elevating our brand across all touchpoints, expanding our global footprint, and continuing to shape the
modern luxury hospitality landscape, we honour our commitment to crafting more time-enriching experiences that
transform the ordinary to the exceptional, and more guests to fans.
Laurent Kleitman
Group Chief Executive
5 March 2025
11Annual Report 2024
Group’s subsidiary hotels RevPAR
ASIA
Total portfolio RevPAR
Occupancy is calculated based on the number of occupied rooms out of the total number of available rooms in which
the hotel is in operation during the period. The like-for-like RevPAR presented in the table above includes all hotels
that were in the Group’s portfolio and operating for the entire year of both 2023 and 2024. Any new openings,
closures or disposals during the period are excluded.
Operating Summary
US dollar
2024
US$
2023
US$
% Change
Asia 239 209 14
Europe, the Middle East
and Africa 678 647 5
America 431 402 7
Total 422 392 8
Constant currency
2024
US$
2023
US$
% Change
Asia 243 209 16
Europe, the Middle East
and Africa 717 647 11
America 437 402 9
Total 439 392 12
Mandarin Oriental, Tokyo 100% leasehold
2024 2023 % Change
Available rooms 179 179 –
Average occupancy (%) 81.1 71.8 13
Average room rate (US$) 863 839 3
RevPAR (US$) 701 603 16
Mandarin Oriental, Hong Kong 100% ownership
2024 2023 % Change
Available rooms 447 447 –
Average occupancy (%) 68.1 59.9 14
Average room rate (US$) 481 495 (3)
RevPAR (US$) 327 297 10
12 Mandarin Oriental International Limited
Mandarin Oriental, Boston 100% ownership
2024 2023 % Change
Available rooms 148 148 –
Average occupancy (%) 62.2 63.4 (2)
Average room rate (US$) 714 670 7
RevPAR (US$) 444 425 5
EUROPE, THE MIDDLE EAST AND AFRICA AMERICA
Mandarin Oriental Hyde Park, London 100% ownership
2024 2023 % Change
Available rooms 181 181 –
Average occupancy (%) 67.0 67.1 –
Average room rate (US$) 1,521 1,573 (3)
RevPAR (US$) 1,019 1,056 (4)
Mandarin Oriental, Munich 100% ownership
2024 2023 % Change
Available rooms 73 73 –
Average occupancy (%) 70.2 67.9 3
Average room rate (US$) 1,239 1,130 10
RevPAR (US$) 870 767 13
Mandarin Oriental, Geneva 100% ownership
2024 2023 % Change
Available rooms 178 178 –
Average occupancy (%) 64.1 65.4 (2)
Average room rate (US$) 821 766 7
RevPAR (US$) 526 501 5
13Annual Report 2024
Development Portfolio
Our development pipeline includes 32 hotels and 18 Residences at Mandarin Oriental.
Asia
Mandarin Oriental, Bai Nom
A new resort with branded residences in Phu Yen province, Vietnam offering 72 suites and villas, including 25 Residences. The property will spread out
across a 29-hectare site with guest accommodation located directly on the beach and dotted through the hills.
Mandarin Oriental, Bali
This exclusive resort set to open in 2026 will offer 110 luxurious suites and villas in addition to 63 Residences, located on the picturesque Bukit Peninsula.
Designed to provide unparalleled experiences, the resort will feature exceptional dining options, a signature wellness centre, and access to pristine beaches.
Mandarin Oriental Tianfu, Chengdu
A 267-room hotel located in Tianfu, a modern business district south of Chengdu, the capital city of Szechuan province in China.
Mandarin Oriental, Da Nang
A luxury waterfront resort comprising 60 villas and 22 Residences, ideally located on a spectacular beach in one of Vietnam’s most popular leisure destinations.
Mandarin Oriental, Hangzhou
A 194-room hotel in the new Westlake 66 luxury commercial and retail complex, located close to the West Lake, a UNESCO World Heritage Site and
one of China’s primary leisure destinations, with easy access to the city’s principal business hubs.
Mandarin Oriental, Makati
A 275-room hotel located within the Ayala Triangle in Manila’s central business district of Makati.
Mandarin Oriental, Maldives
A picturesque private island resort comprising 120 stand-alone villas, including 10 Residences, with panoramic views of the Indian Ocean.
Mandarin Oriental, Nanjing
A 95-room hotel located in a premier mixed-use development on the Qinhuai River, in close proximity to historic landmarks including the Gate of China,
which forms part of one of the longest ancient city walls in the world.
Mandarin Oriental, Phuket
A 105-room beachfront resort located on the island’s west coast in picturesque Laem Singh Bay on Millionaire’s Mile, with panoramic views of
the Andaman Sea.
Mandarin Oriental, Saigon
A 228-room hotel located in a mixed-use development in the heart of Ho Chi Minh City, close to key landmarks.
Mandarin Oriental, Setouchi
A collection of three unique boutique properties, branded as Mandarin Oriental, Setouchi. These resorts, totalling 114 rooms, are nestled strategically around
the captivating Seto Inland Sea. Each of the trio embodies its distinct character, environment, and purposefully curated experiences.
Mandarin Oriental, Suzhou
A luxury waterfront hotel located on the east bank of Suzhou’s famous Jinji lake with panoramic views of the iconic architectural skyline to the west. The hotel
will comprise 146 elegantly crafted guestrooms and suites, many with balconies and spectacular views.
Europe, the Middle East and Africa
Conservatorium Hotel
Located in Amsterdam’s renowned Museum Quarter, the Conservatorium Hotel is a striking fusion of historical grandeur and modern sophistication.
The hotel features 129 spacious rooms and suites, where modern elegance and craftsmanship seamlessly blend with the building’s historic architecture.
The Group will take over the management of the hotel within 2025 and rebrand the hotel as Mandarin Oriental Conservatorium, Amsterdam in 2026,
following a comprehensive upgrade.
Hôtel Lutetia
Founded in 1910 by the Boucicaut family, owners of Le Bon Marché, Hôtel Lutetia has long been a symbol of Parisian elegance and culture. As the only
luxury Palace hotel on Paris’s Left Bank, the hotel offers 184 spacious and beautifully appointed guest rooms, including 47 suites. The Group will take over
the management of the hotel within 2025 and rebrand the hotel as Mandarin Oriental Lutetia, Paris in 2026, following a comprehensive upgrade.
Mandarin Oriental Residences Saadiyat Cultural District, Abu Dhabi
A new development, featuring 228 exceptionally designed homes with unparalleled views of Zayed National Museum. The residences will be situated within
Saadiyat Cultural District.
Mandarin Oriental, Athens
A new hotel and accompanying residences on the Athenian coastline. The beach front development will comprise of 123 rooms and suites in addition to
17 Residences. The development is within easy reach of the city’s famous attractions.
Mandarin Oriental Gellert, Budapest
A re-branding of the historic Gellért Hotel in Budapest, currently closed for renovation. This 143-room Art Nouveau architectural gem is located on the Buda
side of the city and just a short walk to the Liberty Bridge, connecting Buda with Pest.
Mandarin Oriental Shepheard, Cairo
A re-branding of the celebrated Shepheard Hotel in Downtown Cairo, currently closed for renovation. This 269-room property is a heritage landmark in
the city, with stunning views of the Nile and Gezira island.
14 Mandarin Oriental International Limited
Europe, the Middle East and Africa continued
Mandarin Oriental Cristallo, Cortina
A re-branding of the historic Hotel Cristallo in Cortina d’Ampezzo, Italy, which will re-open as Mandarin Oriental Cristallo, Cortina, after a comprehensive
renovation. This 84-room historic hotel enjoys impressive views of the Dolomites and will be the Group’s first alpine resort.
Mandarin Oriental Downtown, Dubai
A 259-room hotel and 266 Residences, located on Sheikh Zayed Road, with views over downtown Dubai and direct access to the area’s business and
leisure attractions.
Mandarin Oriental Residences, Etiler
320 luxurious Residences located within three standalone towers in the prestigious Etiler district of Istanbul.
Mandarin Oriental, Kuwait
A new 169-room hotel in the heart of the financial district of Kuwait City. Located in an iconic 80-storey tower, the property is designed by the award-winning
architects, Foster + Partners.
Mandarin Oriental Bankside Yards, London
A contemporary standalone property, expected to have 171 guestrooms and 70 Residences. Situated on London’s South Bank and perfectly positioned to
access both the City of London and the West End.
Mandarin Oriental Residences, Madrid
A new development in the heart of Madrid, located on the intersection of Hermosilla Street and Nuñez de Balboa Street will feature 27 exceptional Residences.
Mandarin Oriental Punta Negra, Mallorca
A new beach resort in one of the most sought-after locations on the island of Mallorca, occupying an iconic peninsula. Surrounded by natural beauty,
the resort spreads over 3 hectares and offers 131 guestrooms, suites and bungalows just steps from the waterfront.
Mandarin Oriental, Porto Cervo
A new 83-room hotel located in the north-east of Sardinia, in the heart of Costa Smeralda. The hotel will offer a perfect blend of accessibility and seclusion,
providing breathtaking views and access to a private beach.
Mandarin Oriental, Rome
Nestled within ten historic 19th-century villas, originally built as residences for affluent Romans, this upcoming property offers a serene escape in the heart
of the city. Set to open in 2026, the villas are surrounded by lush, landscaped gardens and will feature 108 elegantly designed guestrooms and suites.
Mandarin Oriental, Tel Aviv
A 226-room hotel and 230 Residences, in an unrivalled waterfront location overlooking one of the city’s pristine beaches.
Mandarin Oriental, Vienna
A 138-room hotel and 25 Residences, housed in a heritage building within the Ringstrasse in District One of Vienna, within easy walking distance of
the city’s major attractions.
America
Mandarin Oriental, Boca Raton
A 163-room hotel and 88 Residences, part of a mixed-use complex, surrounded by Boca Raton’s most affluent, residential neighbourhoods and a short walk
from miles of pristine beaches.
Mandarin Oriental, Grand Cayman
A 92-room beachfront resort and 89 Residences, situated on 67 acres at St James Point, on the southern shore of the island.
Mandarin Oriental, Honolulu
A luxury 125-room hotel and 99 Residences, located on the Hawaiian island of Oahu, in the heart of the Ala Moana District.
Mandarin Oriental, Miami
A new Mandarin Oriental hotel and branded residences in Brickell Key, Miami one of the city’s most prestigious neighbourhoods. Set to open in 2030,
the property will feature 121 guestrooms and 94 Residences, as well as a stand alone tower with 228 Residences.
Mandarin Oriental Esencia, Puerto Rico
Situated in the heart of Boquerón Bay, Cabo Rojo, within the exclusive Esencia development, this luxurious resort will offer 106 elegantly designed rooms
and suites, 130 sophisticated branded residences, and panoramic views of Puerto Rico’s unspoiled beaches and vibrant natural beauty.
Mandarin Oriental Kanai, Riviera Maya
Offering 120 elegantly refined guestrooms and suites, each with a private pool and breathtaking views over the turquoise waters of the Caribbean Sea,
this exceptional resort is set to open in 2028. 50 thoughtfully appointed and spacious branded residences, with access to a private resident-only beach club,
will also form part of the overall offering.
Opening dates are determined by each project’s owner/developer. All of the above projects will be managed by Mandarin Oriental Hotel Group with no equity
investment from the Group.
Room numbers reflect the latest estimate from each project’s owner/developer, and may therefore differ from the original announcements and the final
number once the project is completed.
15Annual Report 2024
International Brand Recognition
Mandarin Oriental continues to be recognised as one of
the world’s most esteemed luxury hotel brands, earning
top accolades in 2024 from Travel + Leisure as one of the
‘Best Hotel Brands’ and from Luxury Travel Intelligence
as the ‘World’s Best Luxury Hotel Brand.’ Culinary
excellence remained a hallmark, with 18 restaurants
across the Group awarded a total of 28 Michelin stars,
including seven with two-star ratings. The brand’s
dedication to wellness was also reaffirmed, with Forbes
granting 16 hotels ‘Five Star Spa’ status and World Spa
Awards naming Mandarin Oriental the ‘World’s Best
Hotel Spa Brand.’
The Group celebrated major global expansions, including
the highly anticipated opening of Mandarin Oriental
Mayfair, London, praised for seamlessly blending
heritage with contemporary luxury. Bloomberg called
the Zurich property ‘simultaneously the city’s oldest
and newest five-star stay,’ while Robb Report lauded
the Mayfair location’s instant prestige. Additionally,
Mandarin Oriental, Costa Navarino was recognised
by Vogue for its exceptional spa and world-class dining.
With continued innovation across hospitality, wellness,
and residential experiences, Mandarin Oriental remains
at the forefront of global luxury.
Mandarin Oriental Hotel Group
There’s nothing new about hotel chains avoiding
ubiquity, and instead alloying signature brand design
touches with localised interior flourishes and cultural
references that make the hotel feel ‘in situ’ – but
Mandarin Oriental Hotel Group has taken the concept
to the next level. If the world were to follow France’s
lead and launch a distinction above ‘five-star’, this
would surely be a contender.
Robb Report, UK
Mandarin Oriental, Bangkok
Mandarin Oriental, Bangkok puts a spring in
your step and a twinkle in your eye from the moment
the silk-clad doormen welcome you with their palms
pressed together in a traditional ‘wai’ greeting.
Strolling in last week I was struck once again by the
glamour of the place. The sunlit lobby is embellished
with chandeliers – made of teak, crystal and even
a two-storey floral ensemble that changes with the
seasons, stitched together by the hotel’s 15-strong
floristry team. A floating staircase leading to a
mezzanine gallery inspires majestic entrances from
beautifully coiffed and coutured women… There
is simply nowhere else like it, and I was entirely
unsurprised that it came out top in The Telegraph
Hotel Awards, ranking the 50 world’s greatest places
to stay.
The Telegraph, UK
Mandarin Oriental Qianmen, Beijing
There is no other place in the country where you can
experience the charm of Beijing up close, offering a
luxurious stay in the hutongs, or traditional alleyways
where so much life happens in this bustling city.
Mandarin Oriental Qianmen is the second hotel opened
by the Mandarin Oriental Hotel Group in Beijing. For
this hotel, they renovated old houses in the traditional
hutongs, transforming them into more spacious and
modern living spaces while preserving the architectural
style of the classic siheyuan (courtyard houses).
The bar is also distinctive, quickly becoming popular
right after opening, with many guests waiting outside
daily. In addition to excellent service, ambiance, and
mixology skills, the bar cleverly combines Eastern and
Western ingredients. The cocktail menu pays tribute
to Chinese and Asian folklore, as well as hutong life,
ensuring an authentic experience for guests.
Condé Nast Traveler.com
16 Mandarin Oriental International Limited
Mandarin Oriental, Singapore
Services is everything you expect from five-star South
East Asian hospitality, from the concierge team’s advice
on restaurants to the waiters providing refreshments by
the pool. For such a large hotel it is very personal, with
all staff attentive to guest’s names and preferences.
Condé Nast Traveller, UK
Mandarin Oriental, Costa Navarino
Perched on a picturesque hillside overlooking the
protected Navarino Bay, Mandarin Oriental Group’s
first property in Greece will put you at ease the minute
you arrive. Located in the Peloponnese on the Messenian
coast, Mandarin Oriental, Costa Navarino is a slice of
Greek paradise where you’re guaranteed to leave feeling
rejuvenated and rebalanced…Beat the hype and enjoy
MO Costa Navarino in its tranquil prime – this is
a retreat you’ll want to return to again and again.
Vogue, US
Mandarin Oriental Bosphorus, Istanbul
From the impeccably styled guests languidly lounging
poolside to the impossibly chic set sipping tea at the
Bosphorus Lounge, an effortless air of cool permeated
every corner. Over two decadent days of shorefront
dining, a hammam ritual, and even rubbing shoulders
with a celeb or two, the Mandarin rendered me a
Turkish delight in human form: proof positive of
Mandarin-caliber hospitality brilliance.
Travel + Leisure, US
Mandarin Oriental, Lago di Como
There’s no shortage of luxury hotel competition in
Lake Como, but Mandarin Oriental, Lago di Como
is worthy of being ranked among the world’s best.
Travel + Leisure, US
Mandarin Oriental Mayfair, London
One of the most beautiful aspects of Mandarin
Oriental Mayfair is the way it takes a natural place in
the area. This is a neighborhood which expects only
the truly world-class, and opening any business here
puts you in some serious company. The discretion and
elegance of the styling, the relaxed and affable nature of
the hospitality, and the sheer quality of every tiny detail
of this hotel make it feel not like a new opening, but
like an established pillar of this luxurious community.
To do that at all is impressive, but to have achieved it
in just a matter of weeks is truly excellent.
Robb Report, US
Mandarin Oriental, Marrakech
With hotels so perfect that the very words ‘Mandarin
Oriental’ have become synonymous with unparalleled
luxury, it should come as little surprise that this
Marrakech edition would be one of the most
spectacular residences in the city.
GQ, UK
Mandarin Oriental, Muscat
Within a short walk to the Muscat Opera House –
and on the coastline – the much-anticipated Mandarin
Oriental, Muscat has found a very special address.
From the moment you are ushered into the lobby,
where high-powered meetings and genial ladies’
gatherings are being had around handmade copper
afternoon tea stands laden with pretty patisserie in
the Sawa Lounge and Mandarin Cake Shop, it’s clear
this new property has already carved its placed among
the city’s elite. There’s something very reassuring about
staying at a hotel that has established itself – and is
frequented by – its own community.
Harper’s Bazaar, Arabia
17Annual Report 2024
International Brand Recognition Continued
Mandarin Oriental, Paris
In the bustling heart of Paris, Mandarin Oriental
stands as a beacon of contemporary luxury. This exquisite
hotel, nestled in the fashionable Rue Saint-Honoré,
is a haven of tranquility and modern elegance. The
Royale Mandarin Suite, with its minimalist design
and floor-to-ceiling windows, offers a serene retreat
from the vibrant city life. Every detail, from the plush
furnishings to the state-of-the-art amenities, speaks
of sophistication and style. The hotel’s renowned spa,
celebrated for its holistic treatments, provides a blissful
escape, while the vibrant Bar 8 is the perfect spot to
unwind after a day of exploring the city. Mandarin
Oriental, Paris, seamlessly combines the charm of
Parisian chic with the finesse of contemporary design,
making it an ideal destination for those seeking a
luxurious, yet thoroughly modern Parisian experience.
Harpers Bazaar, Italy
Mandarin Oriental Savoy, Zurich
Zurich has few hotels from international luxury
brands. So locals have been eager to see what was
happening behind the construction plywood at this
centrally-located icon, set on the Paradeplatz between
the city’s ritziest boutiques and major financial
institutions. The afternoon I checked in, hours before
Mandarin’s grand opening reception on December 20,
there were camera crews flooding the first floor, with
passersby gawking through the automatic doors for a
peek at the intimate lobby. If they’d come in, they’d
have found a space that’s more modern than historic,
but with enough preserved details — both in the bones
of the building and the best-known venues inside it —
to honor its legacy. Now, it’s simultaneously the city’s
oldest and newest five-star stay.
Bloomberg, US
Mandarin Oriental, Boston
Mandarin Oriental, Boston – There is an elegant
minimalism here that has long made this Back Bay
hotel a Boston favorite. Located on Boylston Street in
the center of Back Bay, Mandarin Oriental offers an
elegant, refined respite in the heart of it all. As soon as
you step into the grand marble lobby, you feel transported
from the city’s hustle and bustle. This outpost offers all
of the things you’d expect from a Mandarin Oriental:
a killer urban location, grandiosity and fabulosity, elegant
rooms and a luxurious spa. The service is excellent,
from start to finish. The MO staff anticipates your
every move, but it’s the hotels’ resident robot MOBI
who steals the spotlight these days. It’s an expensive
spot, but it delivers on every Mandarin Oriental
promise when it comes to location, quality, and service.
Condé Nast Traveler, US
Mandarin Oriental, New York
Among the other highpoints is the service, which is as
exemplary, intuitive and consistent as in any property
that proudly bears the Mandarin Oriental fan logo.
I’ll also give a special shout-out to the superb five-star
spa, rightly acknowledged as one of the best in the city,
as well as the extremely pretty afternoon tea, served
against an unmissable backdrop of Central Park.
Tatler, Hong Kong
18 Mandarin Oriental International Limited
Sustainability
Sustainability update
Sustainability is not just a responsibility, but a cornerstone of excellence for luxury. As stewards of some of the most
beautiful and sought-after locations in the world, we are committed to continuing to innovate while setting the
highest standards in luxury hospitality, from the unique experiences we create for our guests, to the impact we have
on the planet and the communities where we operate.
We have been transparent about our commitment to driving progress in our sustainability agenda for over a decade.
Our strategy is grounded in the belief that sharing innovation, insights and learning is critical to making collective
progress against the reality of climate change – the single most defining challenge of our time.
In 2024, Mandarin Oriental was honoured as the most awarded Group at the inauguralWorld Sustainable Travel
& Hospitality Awards(WSTHA) inBelize, where it was named the winner in three categories:World’s Leading
Sustainable Supply Chain Programme 2024, World’s Leading Sustainable Development 2024, and World’s Leading
Sustainable Employer 2024.
The awards, launched at COP28, recognise organisations that transcend traditional hospitality by prioritising
sustainability and environmental stewardship at every level of their operations. Mandarin Oriental was particularly
commended for its innovative approach to engaging stakeholders along the Group’s sustainability journey from
deepening responsible sourcing commitments, driving environmental intensity reduction targets, and contributing
to local communities globally through sponsoring one-paid day leave for all colleagues, reinforcing its role as a
leader in sustainable practices.
As part of a strategy to seek external validation of our commitment to responsible business practices, we are
delighted to have achieved Global Sustainable Tourism Council’s GSTC-committed status, reinforcing the Group’s
commitment to sustainable tourism practices and adherence to international accredited standards. With 23
Mandarin Oriental hotels accredited with GSTC Certification in 2024, we have an ambitious goal to get all our
hotels across the portfolio certified by 2025.
Looking ahead, as we set our sights on accelerated growth over the next 10 years, we will continue to extend
our commitment to exceptional hospitality to all the people and places where we operate. This includes driving
sustainable action across our energy and emissions, the elimination of single-use plastics, responsible sourcing,
sustainable design practices and waste reduction, to name just a few areas of focus – ensuring we are scaling our
positive impact as we grow.
The Group has continued to explore decarbonisation opportunities and remains on track with steady progress
towards our 2030 environmental targets with property-led initiatives to reduce energy, switch to renewables,
conserve water, and reduce waste.
To tackle the effects of and reduce the causes of climate change, we must all do our part in transitioning from the
world’s reliance on fossil fuels to a greater use of clean energy. Our use of renewables have increased year-on-year,
progressing more than halfway towards our 15% goal by 2030. Nine of our properties are currently procuring
Renewable Energy Certificates for their energy supply.
Energy audits in line with guidance from the American Society of Heating, Refrigerating, and Air-Conditioning
Engineers (ASHRAE) Procedures for Commercial Energy Audits at three-year intervals provide insights to our
operations, which inform recommended strategies and efficiency projects. A water risk assessment is conducted
every two to three years across the portfolio, and regular water audits allow us to see real-time data and adjust our
operations where needed.
19Annual Report 2024
Sustainability Continued
Minimising food waste is a stand-out challenge across hospitality as organic waste contributes up to 10% of global
greenhouse gas emissions, according to the United Nations Environment Programme (UNEP) Food Waste Index
2021. The Group has partnered with Winnow on their food waste management technology using data analysis to
inform optimisation of menus and portions and this award-winning AI-powered system is being rolled out across
all our kitchens.
The Group has made considerable progress in achieving its sustainability goals through the appointment of
internationally recognised LRQA as our third-party auditor to help verify each hotel’s compliance for key
commitments. The Group has upheld responsible sourcing commitments, verifying 100% responsibly procured
coffee, tea, cocoa, vanilla, paper, sugar and avoiding endangered seafoods.
The Group continued its commitment to one day paid leave for volunteering in 2024, with every employee eligible
to support charitable causes close to their hearts in their local communities. The result was more than 500 social
impact initiatives and over 78,000 volunteer hours contributed to our communities by the dedicated and caring
efforts of our colleagues worldwide.
Mandarin Oriental’s annual sustainability progress, initiatives, achievements, and best practices are covered in
more detail in the Group’s annual Sustainability Report.
The following table shares some of the Group’s sustainability highlights as well as the corresponding United Nations
Sustainable Development Goals (UN SDGs).
FOR THE PLANET
We place great importance on operating sustainably over
the long-term as we grow our portfolio of hotels, residences,
and homes around the world. We have made commitments
towards ‘eliminating single-use plastics’ and established a
programme for responsible procurement that we intend to
steadily grow. Our respect for nature and for the people
who work in the supply chain has been an important factor
in driving these initiatives. Environmental targets for 2030
have been determined for each hotel through a groupwide
inventory management plan with consideration of unique
locations, utility types used, and on-site renewable sources.
a) Actively eliminated single-use plastics where possible
across our hotels with LRQA verification.
b) Achieved 100% LRQA-verified responsibly sourced
coffee, tea, cocoa, vanilla, sugar and paper. The Group
is also striving towards 100% sourcing cage-free eggs
(liquid and shelled) currently at 93% verified rate.
c) Avoided serving 19 types of endangered seafood species
which are listed on MOHG’s Endangered Seafood Avoid List,
aligned with the latest WWF Endangered Seafood Guide.
d) Innovative digital processes continued to significantly
reduce paper usage across operations.
e) The Group has been actively expanding our sustainability
programme to encompass a good balance of environmental,
social and governance components and deepening our
commitments and goals. Environmental Policy, Human
Rights Policy, Diversity and Inclusion Policy, Modern
Slavery Statement and Supplier Code of Conduct were
published to actively communicate our ESG commitments
on our company website.
f) Winnow Vision’s award-winning AI-powered food waste
solution is being rolled out across all properties, with a
target for full implementation by the end of 2025. The
2023 pilot achieved over 200% ROI in Year 1 and an
average 45% reduction in food waste as a percentage
of food cost.
g) More than 70% of our hotels now feature on-site Electric
Vehicles (EV) charging stations and actively promote
electric or hybrid vehicles for guests.
20 Mandarin Oriental International Limited
FOR GUESTS AND COLLEAGUES
We foster a culture of inclusivity and empowerment,
where colleagues feel comfortable in being themselves
and in voicing their ideas. We are also well known for
our wellness philosophy and the holistic care of the
body, mind and spirit. We offer sustainably sourced
in-room and spa amenities across our portfolio,
complimentary fitness classes, in-room wellness
videos and signature spa treatments for strong
healthy bodies and to promote mindfulness.
a) Ongoing implementation of WeCare programme
of enhanced health and safety protocols across
our portfolio.
b) Roll out of the annual sustainability training, which was
completed by all colleagues in two formats: eLearning
and classroom sessions. The topic was on Modern
Slavery Awareness and Prevention.
c) Organised a series of ‘Inner Strength-Outer Strength’
activities on Global Wellness Day to boost colleagues’
physical health and mental resilience.
d) Continued to support a cultural shift that proactively
encourages Inclusion, Equity and Diversity (IE&D).
Ongoing actions are focused on raising awareness
and education particularly with senior leadership and
executives, listening and engaging with colleagues on the
topic and weaving IE&D into the workplace experience.
e) Continued to build a diverse and equitable team in
fostering a culture of inclusivity, empowerment, and
equal opportunity for all. There are currently five female
General Managers and eight female Hotel Managers who
are passionate ambassadors of Mandarin Oriental.
21Annual Report 2024
Sustainability Continued
FOR COMMUNITIES
We contribute positively to the local communities
we belong to. That means supporting on-the-ground
initiatives that enhance and benefit our immediate
society. Each one of our colleagues are committed
to identifying impactful ways to support their local
communities and actively engage in initiatives.
a) US-based FANtastic Match donated US$24,000 to US
colleague charities.
b) Donated US$40,000 to the Disaster Network of
Assistance Rotating Action Group to provide humanitarian
relief in communities impacted by Hurricane Beryl
in Canouan.
c) 19 years of support for Asian Cultural Council’s Mandarin
Oriental Fellowship for Cultural Heritage Preservation,
and US$30,000 contribution in 2024.
d) In recognising the groupwide #MOgiving initiative,
all colleagues are offered one-paid day volunteering
since 2023.
e) Collectively MOHG has clocked over 78,000 volunteer
hours. In-kind donations of US$293,000 and cash
contributions of US$227,000 were raised, in support of
diverse social segments in various communities.
f) Over 500 community initiatives conducted by colleagues
in support of local causes chosen by our colleagues.
Initiatives include blood donation drives, mental health
awareness, environment clean-ups, food and other
in-kind donation, and training opportunities for people
with disabilities and special needs.
Some highlights:
i) Mandarin Oriental, Bangkok organised the FANtastic
Fundraiser, raising THB1.6 million for the Baan
Nokkamin Foundation, which supports orphans,
street children, and underprivileged youth. Over 300
colleagues participated in a 5km or 10km run around
Lumpini Park. Since its inception in 2013, the hotel
has raised over US$200,000.
ii) Since 2000, Mandarin Oriental, Miami has hosted the
annual ‘Be A Voice Gala,’ a black-tie event dedicated
to making a meaningful impact on the lives of children
in foster care. The culinary and banquets teams
volunteered their time for this occasion, which
features both silent and live auctions.
iii) Nine colleagues from Mandarin Oriental Hyde Park
and Mandarin Oriental Mayfair, London, supported the
Nicholls Spinal Injury Foundation (NSIF) by running
a total of 712km – just under 17 marathons – in 24
hours. Their efforts raised approximately £10,000 for
the charity, which funds research and development
aimed at finding a cure for paralysis.
iv) Mandarin Oriental, Jakarta, in collaboration with
the Emmanuel Foundation, engaged in a mentoring
initiative that includes training workshops. These
workshops followed a comprehensive syllabus
designed to equip high school students with essential
skills for careers in hospitality. The programme
comprised 16 modules, delivered through a blend
of on-site and virtual hybrid sessions.
v) Mandarin Oriental, Doha, supported the Qatar Animal
Welfare Society (QAWS), an organisation founded in
2004 that focuses on helping stray and abandoned
animals. Colleagues contributed by walking dogs,
socialising and caring for cats, and participating in
various activities to promote animal welfare and
enhance the animals’ socialisation.
22 Mandarin Oriental International Limited
TCFD
This section provides Mandarin Oriental’s climate-related disclosures in alignment with the Task Force on
Climate-Related Financial Disclosures (TCFD) framework. Our disclosure aligns with TCFD’s 11 recommended
disclosures under its All Sector Guidance, with further advancements planned in scenario analysis.
TCFD recommendation Recommended disclosures Location
Governance
Disclose the organisation’s
governance around climate-related
risks and opportunities.
a. Describe the Board’s oversight of climate-related risks
and opportunities.
Annual Report, page 24
b. Describe management’s role in assessing and managing
climate-related risks and opportunities. Annual Report, pages 24-25
Strategy
Disclose the actual and potential
impacts of climate-related risks and
opportunities on the organisation’s
businesses, strategy, and financial
planning where such information
is material.
a. Describe the climate-related risks and opportunities
the organisation has identified over the short, medium,
and long-term.
Annual Report, pages 26-28
b. Describe the impact of climate-related risks and
opportunities on the organisation’s businesses, strategy,
and financial planning.
Annual Report, pages 29-30
c. Describe the resilience of the organisation’s strategy,
taking into consideration different climate-related scenarios,
including a 2°C or lower scenario.
Annual Report, page 30
Risk Management
Disclose how the organisation
identifies, assesses, and manages
climate-related risks.
a. Describe the organisation’s processes for identifying and
assessing climate-related risks.
Annual Report, page 31
b. Describe the organisation’s processes for managing
climate-related risks.
Annual Report, page 31
c. Describe how processes for identifying, assessing, and
managing climate-related risks are integrated into the
organisation’s overall risks management.
Annual Report, page 31
Metrics and Targets
Disclose the metrics and targets
used to assess and manage
relevant climate-related risks
and opportunities where such
information is material.
a. Disclose the metrics used by the organisation to assess
climate-related risks and opportunities in line with its
strategy and risk management process.
Annual Report, page 32
b. Disclose Scope 1, Scope 2, and if appropriate, Scope 3
Greenhouse Gas (GHG) emissions and the related risks.
Annual Report, page 32
c. Disclose the targets used by the organisation to manage
climate-related risks and opportunities and performance
against targets.
Annual Report, page 32
23Annual Report 2024
Sustainability Continued
Governance
Board’s oversight of climate-related risks and opportunities
The Board of Directors oversees and provides guidance on the Company’s sustainability and climate-related
risks and opportunities.
Information on sustainability and climate-related risks and opportunities are reviewed by the Mandarin
Oriental Audit Committee before they are reported to the Board.
The Group Risk Management Committee (GRMC) meets quarterly and advises Mandarin Oriental
management on key climate-related risks and opportunities for their awareness and action.
The Functional Audit Committee meets biannually and monitors and manages climate-related risks and
opportunities across the Company.
The Sustainability Executive Advisory Panel (EAP) meets quarterly to review the Company’s plans, initiatives
and performance against targets relating to sustainability and climate-related matters.
The EAP provides regular updates on sustainability strategy and performance to the GRMC. The GRMC
advises the EAP on action to be taken for key climate-related risks and opportunities.
Senior management representatives who sit on the Board, Mandarin Oriental Audit Committee, GRMC and
Audit Committee participate in EAP meetings and facilitate the integration of key climate-related risks and
opportunities into the Company’s sustainability strategy considerations.
Management’s role in assessing and managing climate-related risks and opportunities
The EAP considers climate-related issues, risks and opportunities and integrates them into the Company’s
sustainability approach. It also provides both resources and mechanisms for accountability.
Greenview, a leading provider of sustainability programmes and data management for the hospitality and
tourism sector, sits on the EAP as technical advisor.
The execution of the Company-wide sustainability strategy, including climate strategy, is coordinated by the
Sustainability Department, which is led by the Group Director of Sustainability and Director of Sustainability,
Global Development. The Sustainability Department monitors hotels’ sustainability progress and verifies their
compliance toward commitments.
The Chief Financial Officer oversees the finance and procurement functions which play an important role in the
governance of climate risks and opportunities. Finance oversees the allocation of resources for climate-related
projects, and assesses potential financial risks associated with climate change. Procurement establishes policy
and processes that embed our environmental and social commitments throughout the supply chain.
Sustainability matters cut across functional departments and the Company has put in place a governance
structure that facilitates extensive and effective collaboration.
24 Mandarin Oriental International Limited
Each property has a designated Sustainability Champion, supported by a Sustainability Committee. They
leverage Company-wide resources and tools to implement location-specific sustainability initiatives.
An annual budget is reviewed and allocated for executing the Company’s sustainability strategy.
The EAP regularly assesses hotels’ performance against Company-wide sustainability targets which are disclosed
in our annual Sustainability Report. They include targets that relate to energy and carbon reductions, renewable
energy use and waste reduction.
Sustainability performance is considered in the performance bonuses of top management personnel, including
all hotel General Managers.
Mandarin Oriental International Limited: Board of Directors
(includes Group Chief Executive, Chief Financial Officer)
Mandarin Oriental Audit Committee
(includes Group Chief Executive, Chief Financial Officer)
Group Risk Management Committee
(includes Chief Financial Officer, Chief Operating Officer, Chief Technical Services Officer)
Functional Audit
Committee
(includes Group Director
of Engineering Operations)
Sustainability Executive Advisory Panel
(includes Group Chief Executive, Chief Financial Officer, Chief Operating Officer,
Chief Technical Services Officer, Group Director of Sustainability,
Group Director of Engineering Operations)
Sustainability Department
Sustainability
Leadership Council
Working Groups
Task Forces
Sustainability Champions
and Committees
Delegate/
Oversee
Report Monitor/
Review
25Annual Report 2024
Sustainability Continued
Strategy
Climate-related risks and opportunities identified over the short, medium and long-term
Mandarin Oriental invests in its exceptional people and facilities to deliver luxury hospitality while driving
long-term value for stakeholders. The Group recognises the interconnectedness of its success with environmental
and social factors, and integrates climate-related risks and opportunities into its strategy to ensure resilience,
exceptional guest experiences, and lasting value for employees and other partners.
Mandarin Oriental has identified key sustainability issues most relevant to our business and stakeholders through
a materiality assessment, considering economic, social, and environmental impacts, as well as stakeholder concerns.
In 2022, a sustainability risk assessment was conducted by our third-party consultant, Greenview, for the portfolio.
It examined risks associated with climate, water, socioeconomic factors, biodiversity and ESG-related regulations
for every location we operate in. Both acute (floods, droughts and cyclones) and chronic (change in long-term
precipitation, temperature and sea level rise) physical climate risks, as well as transition climate risks were assessed.
We have evaluated climate-related risks and opportunities across all geographical locations where the company
operates. This process enables us to identify key risks and opportunities that could have a significant impact on our
portfolio. Climate risks have been added as a category to the Group’s integrated enterprise risk register.
The following time horizons specific to climate change are used:
Climate Risk Time Horizon Reason
Short-term (2025 - 2027) Near-term climate risks are integrated into our short-term business decisions within the next three years.
Medium-term (2028 - 2030) Our medium-term timeframe aligns with the Paris Agreement’s target year for climate mitigation and our
2030 climate-related goals.
Long-term (Beyond 2030) Beyond 2030, there is greater uncertainty of climate change impacts and regulatory responses. This
period is defined as our long-term horizon.
The table provides an overview of key climate risks and opportunities and the corresponding timeframe(s) where
they are most material. Physical climate risks have been assessed under the RCP 4.5 scenario, which correlates with
temperature increase between 2°C to 3°C.
26 Mandarin Oriental International Limited
Transition Risks
Impact
Actions
• Increased pricing of
energy (originating from
fossil fuels)
• Increasing costs directly
or indirectly from carbon
pricing policies (e.g. tax)
• Increased requirements
associated with green
building policies
• Tightening regulations on
climate-related disclosures
and emissions reporting
(e.g. ISSB
1
-aligned
climate reporting)
Short and medium-term
• Increased operational costs
due to energy prices, raw
material prices and higher
compliance costs
• Increased energy efficiency
and other green building-related
requirements
• Increased reporting and
disclosure requirements
• Environmental, social and governance regulations that
are relevant to locations where we operate are tracked
via Greenview’s Global Policy Tracker.
• We are monitoring developments in climate-related
disclosure reporting standards (e.g. exploring ISSB
recommendations) for potential incorporation into
our disclosures.
• Energy and emissions targets for 2030 are set for each
property, covering planned energy efficiency and
renewable energy projects. Progress is reviewed annually.
• Properties undergo regular energy audits (generally every
three years) to identify and inform owners of necessary
improvement projects for implementation.
• New hotel developments will prioritise low-carbon initiatives
(e.g. reducing gas usage) with consideration for inclusion
of energy and emission targets in owner’s agreements.
Physical Risks
Impact Actions
Acute
From increased severity of
extreme weather events such
as cyclones and floods
• Cyclone risk:
High for 15% of
the portfolio
• Drought risk:
High or extremely high
for a fifth of the portfolio
Short-term
• Increased capital costs
from damaged properties
• Reduced revenue from
property closures and
reduced travel demand
• Increased insurance premiums
• Reduced revenue and higher
costs from negative impacts on
workforce (e.g. health, safety,
absenteeism)
• Emergency Response Plans and Business Continuity Plans
are tested and audited periodically for the safety of staff
and guests.
• Insurance coverage includes climate risks.
• Sustainability risk assessment results are used to inform
mitigation and adaptation action plans.
• Every year, all properties implement at least one
environmental efficiency project that demonstrates
measurable improvements in energy, water or waste.
• Properties located in water stressed regions prioritise
implementation of water reduction initiatives.
• We have a preference to work with suppliers that prioritise
sustainability per our Supplier Code of Conduct.
Chronic
Changes in precipitation
patterns, extreme variability
in weather pattern, and sea
level rise
• Precipitation and
temperature changes:
High/very high long-term
impact on a third of
the portfolio
• Sea level rise:
High vulnerability for
a tenth of the portfolio
Medium and long-term
• Increased insurance premiums
• Reduced availability of
insurance in locations with
high physical climate risks
• Increased operational costs due
to increased heating and cooling
needs, as well as increased
water prices in locations with
high water scarcity
• Increased capital costs due to
damage to facilities
• Reduced revenue from reduced
travel demand
• Increased cost of supplies and
disruptions to availability
1
The International Sustainability Standards Board (ISSB) is tasked to develop standards for a global baseline of sustainability disclosures focused
on the needs of investors and the financial markets.
27Annual Report 2024
Sustainability Continued
Opportunities
Impact
Actions
Use of renewable energy and
adoption of efficiency measures
Short and medium-term
• Reduced exposure to future
fossil fuel price increases
• Reduced exposure and
sensitivity to changes in pricing
of GHG emissions
• Reduced operational costs from
increased efficiency of energy
and water use
• Increased operational resilience
under changing climate
conditions
• We are on track to meet our target of at least 15%
renewable energy use by 2030.
• We are exploring the feasibility of a renewable energy
sourcing strategy that assesses opportunities for on-site
installations and market procurement options, with
consideration to property type and location.
• Our hotels promote green transportation modes, including
the use of EV in transport fleets and the provision of
EV charging stations.
Shift in consumer preferences
toward sustainable options
(e.g. certified sustainable hotel,
vegan/vegetarian menu
offerings)
Short-term
• Increased revenue through
leadership position in
sustainable luxury hospitality
• We uphold our sustainability programme to the internally-
recognised gold standard for sustainable tourism – GSTC
Criteria. The Company is GSTC-committed and has 23
certified hotels as of 2024. By 2025, we aim to be 100%
GSTC certified.
• Staff and guests are engaged for feedback to improve our
sustainability programme and sustainable offerings.
Move towards highly efficient
and climate resilient buildings
Medium and long-term
• Reduced operating costs
through efficiency gains
• Reduced costs from
implementation of mitigation
measures against extreme
weather events
• Increased market value of
properties that are highly rated
as energy efficient and/or
climate resilient
• We are piloting energy modelling in the building design
phase to better gauge energy use and identify energy
efficiency opportunities.
• Our Responsible Hotel Development Guideline provides
directions for addressing sustainability in design and
construction. We have updated an enhanced version for
reference in 2025.
• New developments will consider low-carbon design
(e.g. natural ventilation), enhanced heating, ventilation,
and air-conditioning (HVAC) efficiency (e.g. heat pumps),
and electrification, where feasible.
• Some of our properties have pursued both internationally
recognised sustainable building certifications and
certifications aligned with local regulatory standards.
28 Mandarin Oriental International Limited
Impact on businesses, strategy and financial planning
Impact on business and strategy
Our climate strategy is deeply integrated into all
aspects of our business and includes the following
key components:
1. GHG emissions quantification
We have tracked Scope 1 and 2 emissions since
2012. In 2024, we began quantifying Scope 3
emissions to identify further opportunities for
de-intensification.
We have also updated our Scope 1 and 2
models with the latest data, including portfolio
growth trajectory.
2. Climate-related targets
Our 2030 Group targets for energy, carbon, water
and waste de-intensification are consolidated from
property-level environmental targets which are developed through assessing property-specific data and what is
practically achievable based on the property’s specific circumstances (e.g. building and equipment) and planned
efficiency improvement projects and renewable energy procurement.
3. Climate risk and opportunity assessment
We assess climate-related risks and opportunities through sustainability risk assessments conducted by
Greenview and annual reviews aligned with TCFD guidelines. These assessments inform our risk management
strategies, as detailed in the ‘Risk management’ section.
4. Climate-resilient and low-carbon developments
Our Responsible Hotel Development Guideline integrates climate resilience and low-carbon principles into
building design and development. We are piloting energy modelling during the design phase to optimise energy
efficiency and will explore opportunities with hotel owners to enhance energy and emissions performance by
incorporating associated targets into owner agreements.
5. Renewable energy sourcing
We are on track to achieve at least 15% renewable energy use by 2030 and aim to exceed this target. We actively
assess renewable energy availability and grid decarbonisation rates across regions, leveraging incentives,
subsidies, and favourable policies where applicable. Additionally, we leverage onsite renewable energy generation,
considering property type and geographical location to optimise suitability and efficiency.
Our Journey
2022 • Conducted first portfolio-wide
sustainability risk assessment
• Eliminated 99% of single-use plastic
from hotels
• Prepared our first TCFD report
2023 • First exercise to model Scope 1 and 2
decarbonisation pathway
2024 • Second exercise to update and enhance
Scope 1 and 2 model
• Commenced Scope 3 emissions
workstream, including initial
inventory quantification
29Annual Report 2024
Sustainability Continued
6. Energy audits and efficiency projects
Properties undergo regular energy audits every three years to identify opportunities for energy efficiency projects
and sustainable operational practices. These audits are conducted in line with guidance from the American
Society of Heating, Refrigerating and Air-conditioning Engineers (ASHRAE) Procedures for Commercial
Energy Audits. Capital expenditure is budgeted for energy efficiency projects, such as the implementation of
smart building technologies for better energy management, more efficient HVAC equipment (e.g. chillers,
boilers) and building electrification.
7. Responsible procurement
Through the Scope 3 quantification exercise conducted in 2024, we identified that the majority of our Scope 3
emissions stem from goods and services procured, particularly food and beverages. Our responsible procurement
policy prioritises partnerships with sustainable suppliers offering goods and services that are local, durable,
renewable, low-carbon, and free of single-use plastics.
Impact on financial planning
Capital Expenditure: For major renovations and retrofits, we allocate capital expenditure to energy efficiency
upgrades and installations identified through energy audits as key contributors to significant energy savings. These
include the implementation of smart building technologies for enhanced energy management, the upgrade of
HVAC systems (e.g. chillers, boilers), and building electrification.
Operating Cost: To advance our 2030 Environmental Targets, we allocate a budget for each hotel to undertake at
least one efficiency initiative annually. Through these initiatives, we seek to achieve measurable improvements in
the priority areas identified for each hotel, which are informed by sustainability risk assessment results. Enhancing
operational efficiencies will reduce associated operating expenses and reduced exposure and sensitivity to changes
in carbon tax rates.
Indirect Cost: We invest in preventive maintenance programmes to minimise exposure to climate-related physical
risks, particularly in regions where the likelihood of more frequent and severe extreme weather events is higher.
Revenues: We endeavour to maintain a strong competitive position by continually enhancing our sustainability
performance and sustainable offerings to cater to consumer appetite for sustainable products and services. We
continue to refine our sustainable offerings through market research and active engagement of guests for feedback.
Acquisitions/Divestments and Access to Capital: The Company considers climate-related risks in acquisition and
divestment decisions, as well as sustainable financing opportunities (e.g. sustainability-linked loans) to leverage on
in the implementation of our sustainability strategy.
Resilience of strategy, taking into account different scenarios, including a 2 degree celsius or lower scenario
Our sustainability risk assessment was conducted in accordance with the RCP 4.5 scenario. This scenario correlates
with the intermediate pathway where temperature increase ranges from 2°C to 3°C. In our latest Scope 1 and 2
decarbonisation pathway modelling exercise, we took into consideration sector-specific guidance via Net Zero
Methodology for Hotels. We will continue to update our decarbonisation pathway annually, reflecting the latest
progress and market projections.
30 Mandarin Oriental International Limited
Risk management
Process for identifying and assessing climate-related risks
Mandarin Oriental undertakes sustainability risk assessments to identify property-level physical and transition
climate risks. Hotels perform overall risk assessment at the property-level annually. As part of this assessment, the
physical climate risk of Mandarin Oriental’s key assets is evaluated based on the likelihood, financial and reputational
impact, and the speed at which the risk materialises, to then determine the inherent risk exposure in a scale. Transition
risks are also monitored by keeping abreast of key sustainability related policy changes. Environmental, social and
governance regulations for the locations that we operate in are identified via Greenview’s Global Policy Tracker.
Mitigation measures have been in place to reduce the risk exposure for further monitoring at the residual level.
We will continue to refine our process to improve identification and assessment of climate-related risks.
Processes for managing climate-related risks
Climate-related risks are managed under Mandarin Oriental’s Risk Management Framework, which is based on
ISO 31000 and COSO principles. The framework includes four main steps: risk identification, risk assessment,
risk treatment, and risk reporting and monitoring. This process is informed by the portfolio-wide sustainability
risk assessment conducted by our third-party consultant and a comprehensive risk assessment by our insurers.
Risks are accepted if they fall within the Company’s risk tolerance level, but if they surpass this threshold, they are
mitigated or eliminated. Climate-related risks may be accepted if mitigated to an appropriate level. Strategies for
mitigating these risks include comprehensive insurance coverage for natural disasters, increased adoption of clean
renewable energy, and the implementation of energy and water efficiency projects, as detailed in the ‘Impact on
business and strategy’ section.
Integration into overall risk management
Mandarin Oriental Audit Committee mandates that the Company conducts its business in accordance with
the Group Risk Management Policy. To oversee adherence and reinforce enforcement of this policy, we have
established a GRMC vested with the authority to ensure the Company’s risk management objectives are achieved.
The GRMC comprises key members from various executive functions, including Finance, Operations, IT, Legal,
and Engineering, and convenes at least biannually.
The Functional Audit Committee evaluates the Company’s primary climate risks, uncertainties, and potential
alterations to the risk profile. It assesses the functionality and efficacy of the Company’s internal control systems
(financial, operational, and compliance), along with the procedures employed for monitoring and mitigating
these risks. Regular identification and analysis of climate risks, as well as the review of climate risk management
processes, are conducted through the Functional Audit Committee, with inputs from sustainability and climate
risk assessments conducted by our third-party consultant and insurers.
31Annual Report 2024
Sustainability Continued
Metrics and targets
Metrics used
Mandarin Oriental uses the metrics below in relation to climate-related risks and opportunities.
Energy
Metrics used 2024 Performance
Total Energy Consumption (GJ) 1,971,804
Total Energy Consumption per square metre (MJ/m
2
) 1,427
Percentage of Renewable Energy Use
2
8%
Water
Metrics used 2024 Performance
Total Water Consumption (m
3
) 5,350,959
Total Water Consumption per square metre (Litres/m
2
) 3,873
Waste
Metrics used 2024 Performance
Non-diverted Waste per square metre (kg/m
2
) 8.50
Waste Diversion Rate 37%
GHG emissions
Mandarin Oriental’s GHG reporting scope covers all 36* hotels that were fully operational in 2024.
Greenhouse Gas Emissions
†
2024 Performance
Total GHG Emissions (metric tons CO
2
e) 202,162
Scope 1 Emissions (metric tons CO
2
e) 26,016
Scope 2 Emissions (metric tons CO
2
e) 176,145
GHG Emissions per square metre (kg CO
2
e) 146
* Properties excluded: Mandarin Oriental, Canouan (closed for six months), The Landmark Mandarin Oriental, Hong Kong (closed for
four months), and Mandarin Oriental Mayfair, London, Mandarin Oriental, Muscat, and Mandarin Oriental Qianmen, Beijing (opened
within 2024).
†
GHG emissions are based on market-based calculations.
Targets used and performance against targets
To assess and manage relevant climate-related risks and opportunities, Mandarin Oriental set the following 2030
Environmental Targets:
2030 Targets 2024 Achievement
50% GHG intensity reduction
3
32% reduction
15% renewable energy use 8%
2
Either produced onsite or procured
3
Baseline year 2012
32 Mandarin Oriental International Limited
Financial Review
Management Business
2024
US$m
2023
US$m
Revenue 95 94
Underlying EBITDA from
Management Business 47 53
Less: depreciation and amortisation (8) (9)
Underlying operating profit 39 44
Net financing income 5 3
Tax (10) (6)
Underlying profit attributable
to shareholders 34 41
Revenue in the Management Business consists of
hotel and residences management fees, and residences
branding fees. The Group’s strategic priority is to
accelerate the growth of the Management Business
by opening more hotels in key cities and destinations
whilst replenishing the development pipeline.
In 2024, total hotel management fees were
US$89 million, a 15% increase over 2023. This growth
was driven by strong performances in Asia and Europe,
the Middle East and Africa (EMEA), while hotels in
America had consistent year on year performance. The
growth in Asia was driven by Tokyo, and Singapore
after its reopening following renovation in 2023.
In EMEA, Zurich, Madrid, Barcelona, and Doha
delivered robust performances.
While recurring hotel management fee income
continued to improve as the Management Business
scales, the reduction in underlying EBITDA was
mainly due to a US$10 million decrease in one-off
residences branding fees, which are generated from
the sale of individual residences or the achievement
of specific development milestones. As a result, the
Management Business reported an underlying profit of
US$34 million, compared to US$41 million in 2023.
Results
Overall
In 2024, combined total revenue from all hotels under
management reached US$2,128 million, reflecting
a 13% increase from the previous year driven by
robust RevPAR and occupancy improvements across
all regions.
The Group’s consolidated revenue, consisting of
revenues from subsidiary hotels, and management
and residences branding fees from the Management
Business, was US$526 million, 6% lower than 2023
due to the disposal of the Paris and Jakarta hotel and
retail properties.
The Group uses underlying
1
earnings before interest,
tax, depreciation, and amortisation (EBITDA) to
analyse operating performance. In 2024, the Group
achieved underlying EBITDA of US$172 million,
3% lower than 2023, primarily due to disposals and
lower one-off branding fees from the sale of branded
residences. Underlying EBITDA by business activity
is shown below:
2024
US$m
2023
US$m
Management Business 47 53
Owned Hotels
– Subsidiary hotels 86 102
– Share of results of associate and
joint venture hotels 43 24
129 126
Property Development (4) (1)
Underlying EBITDA 172 178
1
The Group uses ‘underlying profit’ in its internal financial reporting to distinguish between ongoing business performance and non-trading
items, as more fully described in note 34 to the financial statements. Management considers this to be a key measure which provides
additional information to enhance understanding of the Group’s underlying business performance.
33Annual Report 2024
Financial Review Continued
Owned Hotels
Following the sale of the Paris hotel in April 2024,
the Group has an equity interest in 12 hotel properties.
The sale of the Paris hotel resulted in a US$44 million
decrease in Owned Hotel Revenue.
Subsidiary hotels
The Group’s results from its subsidiary hotels were
as follows:
2024
US$m
2023
US$m
Revenue 454 487
Underlying EBITDA from
subsidiary hotels 86 102
Less: depreciation and amortisation (35) (43)
Underlying operating profit 51 59
Net financing charges (10) (9)
Tax (10) (5)
Underlying profit attributable
to shareholders 31 45
In 2024, subsidiary hotels delivered revenue of
US$454 million and EBITDA of US$86 million,
slightly lower than the revenue of US$487 million and
the EBITDA of US$102 million in 2023, due to the
sale of Paris property in the first half of 2024.
Depreciation and amortisation for subsidiary hotels,
which is a non-cash item, was lower in 2024. Net
financing charges increased slightly relative to last year.
Tax for the year was US$10 million, compared to
US$5 million in 2023 which included a non-recurring
tax credit of US$5 million.
Overall, subsidiary hotels reported an underlying profit
of US$31 million, compared to an underlying profit of
US$45 million in 2023.
Associate and joint venture hotels
The Group’s share of results from associate and joint
venture hotels was as follows:
2024
US$m
2023
US$m
Underlying EBITDA from associate
and joint venture hotels 43 24
Less: depreciation and amortisation (16) (15)
Underlying operating profit 27 9
Net financing charges (9) (9)
Tax (4) –
Underlying profit attributable
to shareholders 14 –
The Group reported an underlying profit of
US$14 million from its associate and joint venture
hotels in 2024, marking a notable improvement from
the previous year’s performance. This improvement
was largely driven by strong revenue and profit growth
in Singapore post-renovation, while Madrid achieved
record EBITDA in 2024.
34 Mandarin Oriental International Limited
Underlying earnings attributable to shareholders
The underlying profit attributable to shareholders is
as follows:
2024
US$m
2023
US$m
Management Business 34 41
Owned Hotels
– Subsidiary hotels 31 45
– Share of results of associate and
joint venture hotels 14 –
45 45
Property Development (4) (5)
Total underlying profit attributable
to shareholders 75 81
In 2024, the Group reported an underlying profit of
US$75 million, down from US$81 million in 2023.
The decline was due to reduced contributions from
Paris following the property disposal, a reduction in
one-off residences branding fees in the Management
Business, as well as a non-recurring tax credit received
in 2023.
Non-trading items
2024
US$m
2023
US$m
Changes in fair value of
investment properties (171) (487)
Net gain on sale of subsidiaries and
asset disposals 20 41
Other (2) –
Total (153) (446)
In 2024, the Group recorded a net non-trading
loss of US$153 million, predominantly due to a
US$171 million non-cash reduction in the fair value
of One Causeway Bay, valued at US$2 billion at
the end of 2024. This loss was partially offset by
a US$20 million net gain realised from the sale
of the Paris properties in 2024.
Cash flow
The Group’s consolidated cash flows are summarised
as follows:
2024
US$m
2023
US$m
Operating activities 78 141
Investing activities
Capital expenditure on
existing properties (14) (14)
Acquisition of Mandarin Oriental
Exceptional Homes business (5) –
Redevelopment of One Causeway
Bay (163) (71)
Net proceeds from asset disposals 321 76
Net repayment from associates
and joint ventures – 47
Other (11) (7)
128 31
Financing activities
Net repayment of borrowings (108) (190)
Dividends (63) (19)
Other (7) (6)
(178) (215)
Net increase/(decrease) in cash 28 (43)
Cash and cash equivalents
at 1 January 190 226
Effect of exchange rate changes (3) 7
Cash and cash equivalents
at 31 December 215 190
Gross debt at 31 December (309) (415)
Closing net debt at 31 December (94) (225)
The Group’s cash inflow from operating activities was
US$78 million in 2024, lower than the US$141 million
in 2023, predominantly due to reduced earnings due to
lower branding fees and the disposals in Paris, as well
as a one-off tax credit received in 2023.
In investing activities, the Group generated a net cash
inflow of US$128 million, mostly driven by net proceeds
from the sale of the Paris properties of US$321 million.
This was partially offset by the continued investment
in One Causeway Bay in Hong Kong of US$163 million,
investment in the Group’s existing hotel properties of
US$14 million, as well as the purchase of Mandarin
Oriental Exceptional Homes business of US$5 million.
The Group is committed to investing another
US$179 million in One Causeway Bay which is
expected to be completed half way through 2025.
35Annual Report 2024
Financial Review Continued
Dividends
A final dividend of US¢3.50 per share has been
proposed to the Board. This, together with the interim
dividend of US¢1.50 per share declared, will result in
total dividends of US¢5.00 per share.
Treasury activities
The Group manages its exposure to financial risk using
a variety of techniques and instruments. The main
objective is to manage foreign exchange and interest
rate risks and to provide a degree of certainty in respect
of costs. At the end of 2024, the Group had fixed or
capped interest rates on 40% of its gross borrowings.
In respect of specific hotel financing, borrowings
are normally taken in local currency to hedge
partially the investment and the projected income.
At 31 December 2024, the Group’s net assets were
denominated in the following currencies:
Shareholders’ funds/
net assets
Adjusted
shareholders’ funds/
net assets*
US$m % US$m %
Hong Kong dollar 2,039 72 2,943 67
United Kingdom Sterling 207 7 415 9
United States dollar 259 9 313 7
Singapore dollar 65 2 274 6
Euro 153 6 267 6
Thai baht 23 1 112 3
Swiss franc 59 2 59 1
Other 36 1 44 1
Total 2,841 100 4,427 100
*See supplementary information section below.
The Group, excluding associates and joint ventures,
had committed borrowing facilities totalling
US$733 million, of which US$309 million was drawn
at 31 December 2024. The principal amounts due for
repayment are as follows:
Facilities
committed
US$m
Facilities
drawn
US$m
Unused
facilities
US$m
Within one year 322 104 218
Between one and two years – – –
Between two and three years 155 155 –
Between three and four years – – –
Between four and five years 256 50 206
Beyond five years – – –
Total 733 309 424
In February 2025, the Group has refinanced bank
facilities of US$359 million for three to five years to
replace the US$322 million facilities due within 2025.
At 31 December 2024, consolidated net debt was
US$94 million, and gearing was 3%, lower than
consolidated net debt of US$225 million and gearing
of 8% at 31 December 2023. Reduced net debt
was primarily driven by net proceeds received from
the sale of the Paris properties (US$321 million),
partially offset by investment in One Causeway Bay, as
well as ongoing hotel capital expenditure. Gearing was
2% of adjusted shareholders’ funds2 at 31 December
2024, lower than the prior year of 5%.
The Group’s liquidity position remains robust with
US$424 million of committed, undrawn facilities
in addition to its cash balances of US$215 million.
The average tenor of the Group’s borrowings was
2.2 years compared to 0.9 years in 2023.
2
Adjusted shareholders’ funds take into account the fair market value of the Group’s freehold and leasehold interests (which are accounted
for at amortised cost).
36 Mandarin Oriental International Limited
Interest cover
EBITDA is used as an indicator of the Group’s
ability to service debt and finance its future capital
expenditure, although there are no cash-based
covenants in the Group’s debt facilities. Interest cover3
in 2024 was 7.2 times, marginally higher than the
7.1 times interest cover in 2023.
Supplementary information
Although the Group’s accounting policy in respect
of its freehold land and buildings and the building
component of owner-occupied leasehold properties
is based on the amortised cost model, the Directors
continue to review on an annual basis the fair market
values in conjunction with independent appraisers.
The fair market value of both freehold and leasehold
land and buildings is used by the Group to calculate
adjusted net assets, which the Directors believe gives
important supplementary information regarding
net asset value per share and gearing as shown in the
table below.
The decrease in 2024 adjusted shareholders’ funds
was primarily due to the total loss attributable to
shareholders of US$78 million, mainly due to
the non-cash revaluation of One Causeway Bay,
partially compensated by the net gain on sale of
the Paris properties.
2024 2023
US$m
Per share
US$ US$m
Per share
US$
Shareholders’ funds/
net assets 2,841 2.25 2,960 2.34
Add: surplus for fair
market value of
freehold and leasehold
land and buildings 1,586 1.25 1,677 1.33
Adjusted shareholders’
funds/net assets 4,427 3.50 4,637 3.67
Principal risks and uncertainties
A review of the principal risks and uncertainties facing
the Group is set out on pages 138 to 144.
Accounting policies
The Directors continue to review the developments
in International Financial Reporting Standards and
their impact on the Group’s accounting policies.
The accounting policies adopted are consistent with
those of the previous year.
Matthew Bishop
Chief Financial Officer
5 March 2025
3
Interest cover is calculated as underlying EBITDA (including the Group’s share of underlying EBITDA from associates and joint ventures)
before the deduction of amortisation/depreciation of right-of-use assets and net of actual lease payments, divided by net financing charges
(including the Group’s share of net financing charges from associates and joint ventures) before the deduction of capitalised interest and
excluding interest on lease liabilities.
37Annual Report 2024
Ben Keswick
*
Chairman
Ben Keswick joined the Board from April 2012 until
June 2020. He has been Chairman since 2013. He was
also managing director of Jardine Matheson from 2012
to 2020, and chairman of DFI Retail Group from May
2013 until July 2024, and Hongkong Land Holdings
Limited from April 2021 until October 2024, and
Jardine Cycle & Carriage from April 2012 to August
2024. He has held a number of executive positions
since joining the Jardine Matheson group in 1998,
including finance director and then chief executive
officer of Jardine Pacific between 2003 and 2007, and
group managing director of Jardine Cycle & Carriage
until March 2012. He is executive chairman of Jardine
Matheson. He is also a commissioner of Astra. He has
an MBA from INSEAD.
Laurent Kleitman
*
Group Chief Executive
Laurent Kleitman joined the Board as Group Chief
Executive in September 2023. His career is centred
on building and leading iconic brands, including in
high-end luxury segment, as well as growth strategies
focused on customer-centric innovation and experience.
He was previously President and Chief Executive of
Parfums Christian Dior, the largest luxury fashion
beauty business of LVMH, before which he was
President of the Consumer Beauty division of Coty
in New York and held global and regional leadership
roles at Unilever in UK, Europe and Asia.
Matthew Bishop
*
Chief Financial Officer
Matthew Bishop joined the Board as Chief Financial
Officer in 2021. A Chartered Accountant, he joined
the Jardine Matheson group in 2009 and held a
number of senior finance positions across the group,
including most recently group treasurer of Jardine
Matheson since January 2019. He was previously a
diplomat with the Foreign & Commonwealth Office
in Beijing and London.
Jinqing Cai
Jinqing Cai joined the Board in 2021. She is a member
of the Audit Committee of the Company. She is the
president, Greater China at Kering, vice chairman of
Teach for China and an independent non-executive
director of Xiaomi Corporation. Jinqing was former
president and chairman of Christie’s China.
Adam Keswick
Adam Keswick joined the Board in 2012. Having
joined Jardine Matheson in 2001, he was appointed to
the Jardine Matheson board in 2007 and was deputy
managing director from 2012 to 2016. He was a
director of DFI Retail Group. Adam is a director of
Hongkong Land. He is also a director of Ferrari NV
and Yabuli China Entrepreneurs Forum and vice
chairman of the supervisory board of Rothschild & Co.
* Executive Director
Directors’ Profiles
38 Mandarin Oriental International Limited
Archie Keswick
Archie Keswick joined the Board in 2019. Having
joined the Jardine Matheson group in 2007, he held a
number of senior executive positions within the group,
including most recently CEO, Pizza Hut Vietnam and
the general manager of The Landmark Mandarin
Oriental, Hong Kong.
Richard Solomons
Richard Solomons joined the Board in 2021. He is the
Chairman of the Audit Committee of the Company.
He is the non-executive chairman of Rentokil Initial plc
and the chair of its nomination committee. He is also
the chairman of HBX Group International plc and
a member of its nomination committee. Richard was
previously the chief executive officer of InterContinental
Hotels Group plc and a non-executive director of
Aston Martin Lagonda Global Holdings plc and
Marks and Spencer Group plc.
Cristina Diezhandino
Cristina Diezhandino joined the Board in August 2024.
She is also the chief marketing officer and a member of
the executive committee of Diageo plc. Prior to joining
Diageo, Cristina held marketing leadership roles at
Allied Domecq and at Unilever in the United States,
UK, and Spain.
Fabrice Megarbane
Fabrice Megarbane joined the Board in August 2024.
He is also the chief global growth officer of L’Oréal and
a member of its global executive committee. Fabrice
started his marketing career at L’Oréal S.A. in 2000.
He has held a variety of senior executive positions,
including president and chief executive officer of
L’Oréal, North Asia, and chief executive officer of
L’Oré a l, C hi na .
Scott Woroch
Scott Woroch joined the Board in November 2024.
He has 30 years in the luxury hospitality sector in Asia,
Europe and North America. He is the co-founder and
managing director of Kadenwood Partners. Prior to
co-founding Kadenwood Partners, he worked at Four
Seasons Hotels and Resorts for over 15 years, holding
a range of senior development positions in Asia and
North America, most recently as executive vice
president, worldwide development and also as a
member of its management committee.
39Annual Report 2024
for the year ended 31 December 2024
Consolidated Profit and Loss Account
2024 | 2023 | |||||||
| Underlying | Underlying | |||||||
| business | Non-trading | business | Non-trading | |||||
| performance | items | Total | performance | items | Total | |||
| Note | US$m | US$m | US$m | US$m | US$m | US$m | ||
Revenue | 2 | |||||||
Cost of sales | ( | ( | ( | ( | ||||
Gross profit | ||||||||
Selling and distribution costs | ( | ( | ( | ( | ||||
Administration expenses | ( | ( | ( | ( | ||||
Other operating (expense)/income | ( | ( | ( | |||||
| Change in fair value of | ||||||||
investment properties | 12 | ( | ( | ( | ( | |||
| Net gain on sale of | ||||||||
subsidiaries and asset disposals | 8 | |||||||
Operating (loss)/profit | 3 | ( | ( | ( | ( | |||
Financing charges | ( | ( | ( | ( | ( | |||
Interest income | ||||||||
Net financing charges | 4 | ( | ( | ( | ( | |||
| Share of results of associates | ||||||||
and joint ventures | 5 | ( | ( | ( | ( | |||
(Loss)/profit before tax | ( | ( | ( | ( | ||||
Tax | 6 | ( | ( | ( | ( | ( | ( | |
(Loss)/profit after tax | ( | ( | ( | ( | ||||
| Attributable to: | ||||||||
Shareholders of the Company | 7&8 | ( | ( | ( | ( | |||
Non-controlling interests | ||||||||
( | ( | ( | ( | |||||
US¢ | US¢ | US¢ | US¢ | |||||
(Loss)/earnings per share | 7 | |||||||
– basic and diluted | ( | ( | ||||||
40 | Mandarin Oriental International Limited |
Note
| 2024 | 2023 | ||
| US$m | US$m | ||
Loss for the year | ( | ( | |
| Other comprehensive expense | |||
| Items that will not be reclassified to profit or loss: | |||
Remeasurements of defined benefit plans | 16 | ( | ( |
Tax on items that will not be reclassified | 6 | ||
( | ( | ||
| Items that may be reclassified subsequently to profit or loss: | |||
| Net exchange translation differences | |||
– net (loss)/gain arising during the year | ( | ||
– transfer to profit and loss | |||
| Cash flow hedges | |||
– net loss arising during the year | ( | ( | |
Tax relating to items that may be reclassified | 6 | ||
Share of other comprehensive (expense)/income of associates and joint ventures | ( | ||
Other comprehensive income for the year, net of tax | |||
Total comprehensive expense for the year | ( | ( | |
| Attributable to: | |||
Shareholders of the Company | ( | ( | |
Non-controlling interests | ( | ||
( | ( |
for the year ended 31 December 2024
Consolidated Statement of Comprehensive Income
41Annual Report 2024
at 31 December 2024
Consolidated Balance Sheet
Note
| 2024 | 2023 | ||
| US$m | US$m | ||
| Net assets | |||
Intangible assets | 9 | ||
Tangible assets | 10 | ||
Right-of-use assets | 11 | ||
Investment properties | 12 | ||
Associates and joint ventures | 13 | ||
Other investments | 14 | ||
Deferred tax assets | 15 | ||
Pension assets | 16 | ||
Non-current debtors | 17 | ||
Non-current assets | |||
Stocks | |||
Current debtors | 17 | ||
Current tax assets | |||
Cash and bank balances | 18 | ||
Assets classified as held for sale | 19 | ||
Current assets | |||
Current creditors | 20 | ( | ( |
Current borrowings | 21 | ( | ( |
Current lease liabilities | 22 | ( | ( |
Current tax liabilities | ( | ( | |
( | ( | ||
Liabilities directly associated with assets classified as held for sale | 19 | ( | |
Current liabilities | ( | ( | |
Net current assets/(liabilities) | ( | ||
Long-term borrowings | 21 | ( | ( |
Non-current lease liabilities | 22 | ( | ( |
Deferred tax liabilities | 15 | ( | ( |
Pension liabilities | 16 | ( | |
Non-current creditors | 20 | ( | ( |
Non-current liabilities | ( | ( | |
| Total equity | |||
Share capital | 24 | ||
Share premium | 25 | ||
Revenue and other reserves | |||
Shareholders’ funds | |||
Non-controlling interests | |||
Approved by the Board of Directors
Laurent Kleitman
Matthew Bishop
Directors
5 March 2025
42 Mandarin Oriental International Limited
for the year ended 31 December 2024
Consolidated Statement of Changes in Equity
| Asset | Attributable to | Attributable to | Total | |||||||
| Share | Share | Capital | Revenue | revaluation | Hedging | Exchange | shareholders of | non-controlling | equity | |
| capital | premium | reserves | reserves | reserves | reserves | reserves | the Company | interests | ||
| US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
| 2024 | ||||||||||
At 1 January | ( | ( | ||||||||
Total comprehensive income | ( | ( | ( | ( | ( | |||||
Dividends paid by the Company | ( | ( | ( | |||||||
At 31 December | ( | ( | ( | |||||||
| 2023 | ||||||||||
At 1 January | ( | ( | ||||||||
Total comprehensive income | ( | ( | ( | ( | ||||||
Dividends paid by the Company | ( | ( | ( | |||||||
| Unclaimed dividend | ||||||||||
| forfeited | ||||||||||
| Subsidiary | ||||||||||
| disposed of | ( | ( | ( | |||||||
Transfer | ( | |||||||||
At 31 December | ( | ( | ||||||||
Revenue reserves as at 31 December 2024 included cumulative fair value losses on the investment property under development of US$1,378.8 million (2023: US$1,207.8 million). |
43Annual Report 2024
for the year ended 31 December 2024
Consolidated Cash Flow Statement
Note
| 2024 | 2023 | ||
| US$m | US$m | ||
| Operating activities | |||
Operating loss | 3 | ( | ( |
Depreciation, amortisation and impairment | |||
Other non-cash items | 28a | ||
Movements in working capital | 28b | ( | ( |
Interest received | |||
Interest and other financing charges paid | ( | ( | |
Tax paid for underlying business performance | ( | ( | |
Tax paid for sale of subsidiaries and asset disposals | ( | ( | |
Total tax paid | ( | ( | |
Dividends and interest from associates and joint ventures | |||
Cash flows from operating activities | |||
| Investing activities | |||
Purchase of tangible assets | ( | ( | |
Additions to investment properties | ( | ( | |
Purchase of intangible assets | ( | ( | |
Purchase of Mandarin Oriental Exceptional Homes business | 28c | ( | |
Purchase of other investments | ( | ( | |
Advance to associates and joint ventures | 28d | ( | |
Repayment of loans to associates and joint ventures | 28e | ||
Sale of subsidiaries | 28f | ||
Net proceeds from asset disposals | 19 | ||
Cash flows from investing activities | |||
| Financing activities | |||
Drawdown of borrowings | 21 | ||
Repayment of borrowings | 21 | ( | ( |
Principal elements of lease payments | 28g | ( | ( |
Dividends paid by the Company | 26 | ( | ( |
Cash flows from financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at 1 January | |||
Effect of exchange rate changes | ( | ||
Cash and cash equivalents at 31 December | 28h |
44 Mandarin Oriental International Limited
Notes to the Financial Statements
45Annual Report 2024
Notes to the Financial Statements Continued
46 Mandarin Oriental International Limited
47Annual Report 2024
Notes to the Financial Statements Continued
48 Mandarin Oriental International Limited
49Annual Report 2024
Notes to the Financial Statements Continued
5 Share of results of associates and joint ventures
EBITDA
US$m
Depreciation
and
amortisation
US$m
Operating
profit/
(loss)
US$m
Net
financing
charges
US$m
Tax
US$m
Net
profit/
(loss)
US$m
2024
Analysis by business activity
Hotel ownership 43.2 (15.9) 27.3 (9.1) (4.2) 14.0
Other 0.7 (0.5) 0.2 (0.1) 0.1 0.2
43.9 (16.4) 27.5 (9.2) (4.1) 14.2
Non-trading items
– closure costs (0.9) – (0.9) – – (0.9)
43.0 (16.4) 26.6 (9.2) (4.1) 13.3
Analysis by geographical area
Asia 29.9 (11.7) 18.2 (3.4) (4.2) 10.6
EMEA 7.6 (3.1) 4.5 (3.8) 0.1 0.8
America 6.4 (1.6) 4.8 (2.0) – 2.8
43.9 (16.4) 27.5 (9.2) (4.1) 14.2
Non-trading items
– closure costs (0.9) – (0.9) – – (0.9)
43.0 (16.4) 26.6 (9.2) (4.1) 13.3
2023
Analysis by business activity
Hotel ownership 23.8 (15.2) 8.6 (8.9) 0.2 (0.1)
Other 0.4 (0.5) (0.1) (0.1) – (0.2)
24.2 (15.7) 8.5 (9.0) 0.2 (0.3)
Non-trading items
– closure costs (0.6) – (0.6) – – (0.6)
23.6 (15.7) 7.9 (9.0) 0.2 (0.9)
Analysis by geographical area
Asia 10.4 (10.1) 0.3 (3.3) 0.1 (2.9)
EMEA 5.5 (3.6) 1.9 (3.3) 0.1 (1.3)
America 8.3 (2.0) 6.3 (2.4) – 3.9
24.2 (15.7) 8.5 (9.0) 0.2 (0.3)
Non-trading items
– closure costs (0.6) – (0.6) – – (0.6)
23.6 (15.7) 7.9 (9.0) 0.2 (0.9)
50 Mandarin Oriental International Limited
51Annual Report 2024
Notes to the Financial Statements Continued
8 Non-trading items
52 Mandarin Oriental International Limited
53Annual Report 2024
Notes to the Financial Statements Continued
54 Mandarin Oriental International Limited
55Annual Report 2024
Notes to the Financial Statements Continued
56 Mandarin Oriental International Limited
57Annual Report 2024
Notes to the Financial Statements Continued
58 Mandarin Oriental International Limited
59Annual Report 2024
Notes to the Financial Statements Continued
60 Mandarin Oriental International Limited
61Annual Report 2024
Notes to the Financial Statements Continued
Summarised statement of comprehensive income for the year ended 31 December
Ritz Madrid
2024
US$m
2023
US$m
Revenue 58.5 49.9
Depreciation and amortisation (6.1) (7.1)
Interest expense (12.3) (11.5)
Profit/(loss) from underlying business performance 1.5 (6.4)
Income tax credit 0.1 0.2
Profit/(loss) after tax 1.6 (6.2)
Other comprehensive income/(expense) 9.4 (2.3)
Total comprehensive income/(expense) 11.0 (8.5)
62 Mandarin Oriental International Limited
63Annual Report 2024
Notes to the Financial Statements Continued
64 Mandarin Oriental International Limited
65Annual Report 2024
Notes to the Financial Statements Continued
66 Mandarin Oriental International Limited
67Annual Report 2024
Notes to the Financial Statements Continued
68 Mandarin Oriental International Limited
69Annual Report 2024
Notes to the Financial Statements Continued
70 Mandarin Oriental International Limited
71Annual Report 2024
Notes to the Financial Statements Continued
72 Mandarin Oriental International Limited
73Annual Report 2024
Notes to the Financial Statements Continued
74 Mandarin Oriental International Limited
75Annual Report 2024
76 Mandarin Oriental International Limited
77Annual Report 2024
Notes to the Financial Statements Continued
Notes to the Financial Statements Continued
80 Mandarin Oriental International Limited
81Annual Report 2024
Notes to the Financial Statements Continued
82 Mandarin Oriental International Limited
33 Principal subsidiaries, associates, joint ventures and managed hotels
The principal subsidiaries, associates, joint ventures and managed hotels of the Group at 31 December 2024 are set out below.
83Annual Report 2024
Notes to the Financial Statements Continued
84 Mandarin Oriental International Limited
85Annual Report 2024
Notes to the Financial Statements Continued
86 Mandarin Oriental International Limited
87Annual Report 2024
Notes to the Financial Statements Continued
88 Mandarin Oriental International Limited
89Annual Report 2024
Notes to the Financial Statements Continued
90 Mandarin Oriental International Limited
Revenue recognition
91Annual Report 2024
Notes to the Financial Statements Continued
92 Mandarin Oriental International Limited
93Annual Report 2024
Notes to the Financial Statements Continued
94 Mandarin Oriental International Limited
95Annual Report 2024
Notes to the Financial Statements Continued
96 Mandarin Oriental International Limited
97Annual Report 2024
Notes to the Financial Statements Continued
98 Mandarin Oriental International Limited
99Annual Report 2024
Notes to the Financial Statements Continued
100 Mandarin Oriental International Limited
101Annual Report 2024
To the members of Mandarin Oriental International Limited
(incorporated in Bermuda with limited liability )
Report on the Audit of the Consolidated Financial Statements
Opinion
What we have audited
The consolidated financial statements of Mandarin Oriental International Limited (the ‘Company’) and its subsidiaries
(the ‘Group’), included within the Annual Report, which comprise:
the Consolidated Balance Sheet as at 31 December 2024;
the Consolidated Profit and Loss Account for the year then ended;
the Consolidated Statement of Comprehensive Income for the year then ended;
the Consolidated Statement of Changes in Equity for the year then ended;
the Consolidated Cash Flow Statement for the year then ended; and
the notes to the Financial Statements, comprising material accounting policy information and other
explanatory information.
Certain required disclosures have been presented elsewhere in the Annual Report, rather than in the notes to the
consolidated financial statements. These disclosures are cross-referenced from the consolidated financial statements
and are identified as audited.
Our opinion
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position
of the Group as at 31 December 2024, and of its consolidated financial performance and its consolidated cash flows
for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting
Standard Board (IASB).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants
(including International Independence Standards) issued by the International Ethics Standards Board for Accountants
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code.
Our Audit Approach
Overview
Materiality
Overall Group materiality: US$28.4 million (2023: US$29.6 million), based on 1% (2023: 1%) of the net assets of
the Group.
Specific Group materiality, applied to balances and transactions not related to investment properties: US$4.7 million
(2023: US$4.3 million), based on 5% (2023: 5%) of consolidated underlying profit before tax of the Group.
Independent Auditor’s Report
102 Mandarin Oriental International Limited
Audit scope
A full scope audit was performed on six of the Group’s hotels, two entities engaged in hotel management services
and the two entities holding the under development leasehold commercial investment property and the completed
leasehold residential investment property.
We performed specified audit procedures over certain balances within one further hotel.
These hotels and entities, together with procedures performed at the Group level, accounted for 94% of the Group’s
revenue, 94% of the Group’s loss before tax, 87% of the Group’s underlying profit before tax and 87% of the Group’s
net assets.
Key audit matter identified in our audit is summarised as follows:
Valuation of under development leasehold commercial investment property.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
consolidated financial statements. In particular, we considered where the Directors made subjective judgements;
for example, in respect of significant accounting estimates that involved making assumptions and considering
future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override
of internal controls, including among other matters, consideration of whether there was evidence of bias by the Directors
that represented a risk of material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance whether the consolidated financial statements are free from material misstatement. Misstatements may arise
due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall
group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with
qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit
procedures and to evaluate the effect of misstatements, both individually and in aggregate on the consolidated financial
statements as a whole.
Overall group materiality US$28.4 million (2023: US$29.6 million)
How we determined it 1% of the net assets of the Group (2023: 1% of the net assets of the Group)
Rationale for the materiality
benchmark applied
Net assets is a primary measure used by the shareholders in assessing the
performance of the Group, together with the consolidated underlying profit
before tax, which we have used as the basis for our specific group materiality
as detailed below.
We set a specific materiality level of US$4.7 million (2023: US$4.3 million), which was applied to balances and
transactions not related to investment properties. This was based upon 5% of the Group’s consolidated underlying profit
before tax for the year ended 31 December 2024 (2023: 5% of the Group’s consolidated underlying profit before tax for the
year ended 31 December 2023). In arriving at this judgement, we had regard to the fact that underlying profit before tax is
one of the primary financial indicators of the Group.
For each component in the scope of our Group audit, we allocated a materiality that is less than our overall
Group materiality.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above
US$0.5 million (2023: US$0.4 million), other than classifications within the Consolidated Profit and Loss Account or
Consolidated Balance Sheet, which were only reported above US$3.0 million (2023: US$3.0 million). We would also
report misstatements below these amounts that in our view, warranted reporting for qualitative reasons.
103Annual Report 2024
Independent Auditor’s Report Continued
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Key Audit Matter
Valuation of under development leasehold commercial
investment property
Refer to note 37 (Critical accounting estimates and
judgements) and note 12 (Investment properties) to
the consolidated financial statements.
The fair value of the Group’s under development
leasehold commercial investment property amounted
to US$1,996.6 million at 31 December 2024, with
a revaluation loss of US$171.0 million recognised as
a non-trading item in the Consolidated Profit and Loss
Account for the year.
The valuation of the under development leasehold
commercial investment property is inherently subjective
due to, among other factors, the individual nature of
the property, its location, prevailing market rents and
the expected future rentals.
The valuation was carried out by a third-party valuer
(the valuer) and was derived using the residual method.
Judgement is required in determination of capital value,
estimated costs to complete and expected developer’s
profit margin. There is inherent estimation uncertainty
in determining a property’s valuation as the valuer make
assumptions, judgements and estimates in key areas.
We focused on the valuation of the under development
leasehold commercial investment property due to
the significant judgements and estimates involved
in determining the valuation.
How our audit addressed the Key Audit Matter
We understood management’s controls and processes
for determining the valuation and assessed the inherent
risk of material misstatement by considering the degree
of estimation uncertainty and the judgement involved
in determining assumptions to be applied.
We assessed the valuer’s qualification and expertise,
considering whether there were any matters that might
have affected their objectivity or may have imposed
scope limitations upon their work. We found no evidence
to suggest that the objectivity of the valuer in their
performance of the valuation was compromised.
We read the valuation report to consider whether
the valuation methodology used was appropriate in
determining the fair value.
The audit team, including our valuation experts,
attended meetings with the valuer at which the
valuations, methodology and key assumptions used,
and climate change risk considerations were discussed.
We assessed the appropriateness of the key assumptions
adopted in the assessment of the estimated capital value
by comparing them with available market data on yields
and unit rentals. We compared the developer’s profit to
the market norm and evaluated the estimated construction
costs to complete against the approved budget.
104 Mandarin Oriental International Limited
How We Tailored Our Group Audit Scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes
and controls, and the industries in which the Group operates.
The Group’s accounting processes are structured around finance functions in each business unit, which are responsible
for their own accounting records and controls, which in turn, report financial information to the Group’s finance
function to enable them to prepare consolidated financial statements.
In establishing the overall approach to the Group audit, we determined the type of work that needed to be performed
by members of the Group engagement team or by component auditors from member firms within the PwC Network
operating under our instruction. Where the work was performed by component auditors, we determined the level of
involvement necessary for us to have in the audit work at those components to be able to conclude whether sufficient,
appropriate audit evidence had been obtained as a basis for our opinion on the financial statements as a whole. The Group
engagement team was involved in the significant reporting entities in scope for Group reporting during the audit cycle
through a combination of meetings, visits and conference calls. The engagement partner and other senior team members
undertook visits to both London and Geneva during the year to direct and oversee the audit, along with regular
communication through conference calls and remote review of the work of component teams.
A full scope audit was performed on six of the Mandarin Oriental hotels, two entities engaged in hotel management
services and the two entities holding the under development leasehold commercial investment property and the
completed leasehold residential investment property. Specified audit procedures were performed on certain balances
within one further hotel. These hotels and entities, together with audit procedures performed centrally at the Group level
(on the consolidation, and various balances and activities accounted for and managed centrally), accounted for 94% of
the Group’s revenue, 94% of the Group’s loss before tax, 87% of the Group’s underlying profit before tax and 87% of the
Group’s net assets.
This gave us the evidence we needed for our opinion on the consolidated financial statements as a whole.
Key Audit Matter
Valuation of under development leasehold commercial
investment property continued
How our audit addressed the Key Audit Matter
With the support of our valuation experts, we also
questioned the external valuer as to the extent to which
recent market transactions and expected rental values,
which they made use of in deriving their valuation, took
into account the impact of climate change and related
ESG considerations.
Based on the procedures performed, we found the key
assumptions used in the valuations were appropriate.
We also assessed the adequacy of the disclosures
related to the under development leasehold commercial
investment property and related fair value measurements
in the context of IFRS Accounting Standards. We are
satisfied that appropriate disclosure has been made.
105Annual Report 2024
Independent Auditor’s Report Continued
Other Information
The Directors of the Company are responsible for the other information. The other information comprises all of
the information included in the annual report other than the consolidated financial statements and our auditor’s
report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Directors and the Audit Committee for the Consolidated Financial Statements
As explained more fully in the Responsibility Statements and the Corporate Governance section in the Annual Report,
the Directors of the Company are responsible for the preparation of the consolidated financial statements that give a true
and fair view in accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as the
Directors determine is necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
The Audit Committee assists the Directors in discharging their responsibilities for overseeing the Group’s financial
reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements.
106 Mandarin Oriental International Limited
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We are also:
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s
internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Directors.
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue
as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information
of the entities or business units within the Group as basis for forming an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and review of the audit work performed for purpose
of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Audit Committee, we determine those matters that were of most significance
in the audit of the consolidated financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
107Annual Report 2024
Independent Auditor’s Report Continued
Use of this report
This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance
with Section 90 of the Companies Act 1981 (Bermuda) and for no other purpose. We do not, in giving these opinions,
accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose
hands it may come, including without limitation under any contractual obligations of the Company, save where expressly
agreed by our prior consent in writing.
The engagement partner on the audit resulting in this independent auditor’s report is Pui Shan, Lo.
Other Matter
The Company is required by the United Kingdom Financial Conduct Authority Disclosure Guidance and Transparency
Rule to include these consolidated financial statements in an annual financial report prepared under the structured
digital format required by DTR 4.1.15R – 4.1.18R and filed on the National Storage Mechanism of the Financial
Conduct Authority. This auditors’ report provides no assurance over whether the structured digital format annual
financial report has been prepared in accordance with those requirements.
Pricewaterhouse Coopers
Certified Public Accountants
Hong Kong
5 March 2025
108 Mandarin Oriental International Limited
To Mandarin Oriental International Limited
Dear Sirs
Revaluation of Under Development Leasehold Commercial Investment Property
Further to your instruction, we have valued in our capacity as external valuers of the Causeway Bay site under development
at No. 281 Gloucester Road, Causeway Bay, Hong Kong (or known as One Causeway Bay), being a commercial investment
property held on lease as described in the consolidated financial statements of Mandarin Oriental International Limited.
We are of the opinion that the market value of the commercial investment property as at 31 December 2024 was
US$1,996,600,000 (United States Dollar One Billion Nine Hundred Ninety Six Million Six Hundred Thousand).
Our valuation was prepared in accordance with the International Valuation Standards by the International Valuation
Standards Council and The HKIS Valuation Standards by The Hong Kong Institute of Surveyors. We have inspected
the property without either conducting site nor structural surveys or testing of the services.
We have been provided with details of tenure, proposed development scheme and other relevant information. The property
has been valued by the residual method, which is based on an assessment of the completed gross development value and
the deduction of development costs and the developer’s return to arrive at the residual value of a development property.
For the assessment of the completed gross development value, given the heterogeneous nature of real estate properties,
appropriate adjustments are usually required to allow for any qualitative or quantitative differences that may affect the
values likely to be achieved by the property under consideration.
Yours faithfully
For and on behalf of
Jones Lang LaSalle Limited
Hong Kong
25 February 2025
Report of the Valuers
109Annual Report 2024
Five Year Summary
Consolidated Profit and Loss Account
2020
US$m
2021
US$m
2022
US$m
2023
US$m
2024
US$m
Revenue 183.7 316.9 454.1 558.1 525.8
Operating loss (660.0) (99.3) (42.6) (341.0) (57.5)
Net financing charges (12.6) (12.7) (14.4) (9.9) (3.9)
Share of results of associates and joint ventures (26.8) (21.8) 9.7 (0.9) 13.3
Loss before tax (699.4) (133.8) (47.3) (351.8) (48.1)
Tax 19.4 (7.6) (2.1) (13.5) (30.3)
Loss after tax (680.0) (141.4) (49.4) (365.3) (78.4)
Loss attributable to shareholders (680.1) (141.4) (49.5) (365.4) (78.6)
Underlying profit/(loss) attributable to shareholders (205.9) (68.1) 7.6 81.0 74.7
Loss per share (US¢) (53.84) (11.19) (3.92) (28.91) (6.22)
Underlying earnings/(loss) per share (US¢) (16.30) (5.39) 0.60 6.41 5.91
Dividends per share (US¢) – – – 5.00 5.00
Consolidated Balance Sheet
2020
US$m
2021
US$m
2022
US$m
2023
US$m
2024
US$m
Intangible assets 45.4 46.7 45.7 43.7 57.0
Tangible assets 1,181.5 1,098.2 916.3 618.6 589.1
Right-of-use assets 297.4 273.3 242.4 229.1 216.4
Investment properties 2,528.3 2,462.0 2,472.6 2,060.3 2,085.6
Associates and joint ventures 231.6 201.5 203.8 155.8 143.2
Other investments 16.1 16.5 14.0 14.0 13.3
Deferred tax assets 17.8 13.7 14.2 14.0 13.0
Pension assets 5.5 7.1 3.0 0.6 0.5
Non-current debtors 5.1 8.9 12.2 10.9 61.4
Net current assets/(liabilities) 19.5 113.2 142.9 (27.2) 15.4
Long-term borrowings (606.6) (727.8) (599.8) (0.6) (204.8)
Non-current lease liabilities (170.1) (147.4) (123.5) (110.6) (96.3)
Deferred tax liabilities (47.1) (50.1) (41.6) (42.0) (44.8)
Pension liabilities (0.3) (0.3) (0.1) – (0.1)
Non-current creditors (10.9) (3.2) (4.5) (1.1) (2.7)
Net assets 3,513.2 3,312.3 3,297.6 2,965.5 2,846.2
Share capital 63.2 63.2 63.2 63.2 63.2
Share premium 499.7 500.5 500.7 500.9 500.9
Revenue and other reserves 2,946.6 2,745.1 2,730.2 2,396.3 2,277.1
Shareholders’ funds 3,509.5 3,308.8 3,294.1 2,960.4 2,841.2
Non-controlling interests 3.7 3.5 3.5 5.1 5.0
Total equity 3,513.2 3,312.3 3,297.6 2,965.5 2,846.2
Net asset value per share (US$) 2.78 2.62 2.61 2.34 2.25
Consolidated Cash Flow Statement
2020
US$m
2021
US$m
2022
US$m
2023
US$m
2024
US$m
Cash flows from operating activities (83.5) 26.4 56.5 141.2 77.9
Cash flows from investing activities (108.5) (32.5) 86.7 30.9 128.5
Net cash flow before financing activities (192.0) (6.1) 143.2 172.1 206.4
Cash flow per share from operating activities (US¢) (6.61) 2.09 4.47 11.17 6.16
110 Mandarin Oriental International Limited
Responsibility Statements
The Directors of the Company confirm that, to the best of their knowledge:
a) the consolidated financial statements prepared in accordance with International Financial Reporting Standards,
including International Accounting Standards and Interpretations as issued by the International Accounting
Standards Board, give a true and fair view of the assets, liabilities, financial position and profit or loss of
the Group; and
b) the Chairman’s Statement, Group Chief Executive’s Review, Financial Review and the description of Principal Risks
and Uncertainties facing the Group as set out in this Annual Report, which constitute the management report required
by the Disclosure Guidance and Transparency Rule 4.1.8, include a fair review of all information required to be
disclosed under Rules 4.1.8 to 4.1.11 of the Disclosure Guidance and Transparency Rules issued by the Financial
Conduct Authority in the United Kingdom.
For and on behalf of the Board
Laurent Kleitman
Matthew Bishop
Dire ctors
5 March 2025
111Annual Report 2024
Overview of the Group’s governance approach
The Mandarin Oriental Hotel Group (Mandarin Oriental International Limited (the Company) and its subsidiaries
together known as the Group) understands the value of good corporate governance in driving the long-term sustainable
success of its business. It attaches importance to the corporate stability that strong governance brings, and the opportunities
that result from it being part of the Jardine Matheson Holdings Limited (the Jardine Matheson) group.
The Group is committed to high standards of governance and has evolved an approach, over many years, that it regards
as appropriate, taking account of the Group’s size, ownership structure, complexity and breadth of its business and the
long-term strategy it pursues in its Asian markets. It enables the Group to benefit from Jardine Matheson’s professional
expertise while at the same time ensuring that the independence of the Board is respected and clear operational
accountability rests with the Company’s senior management teams.
The Company also ensures that the Group retains and promotes those characteristics and values that have enabled the
Group to prosper over the long-term:
A long-term perspective – the Group takes a long-term view in its decision-making and investments, drawing
on the expertise and experience of our Directors, and does not focus on short-term profits. This leads to long-term,
sustainable growth for our shareholders and benefits the communities where we operate.
Credibility, stability and trust – the credibility, stability and trust built up by the Group over many generations are
highly valued by our partners and other stakeholders, especially in developing markets.
Deep knowledge of our markets – the extensive experience and long track record of the Group have led to a deep
understanding of how to drive successful growth across our markets, giving the Group a competitive advantage.
The Group believes that its stakeholders gain significant value from the long-term approach it takes. It is also important,
however, to adapt to changing circumstances in our markets and, where appropriate, to the developing expectations of
stakeholders and changes in best practice. In this context, over the past year the Group has strengthened the Company’s
Board and leadership teams, bringing in expertise to support our businesses in highly dynamic and competitive markets.
In parallel, we have continued to enhance our approach to governance to be more focused, and to drive better decision-
making and results.
In order to ensure clear allocation of accountability, the Company’s strengthened leadership team is responsible for
developing and executing the Group’s business strategies and delivering on performance. These leadership teams are
directly accountable to their respective boards, which provide robust challenge, support and guidance, bolstered by
extensive industry-specific expertise and experience from independent non-executive directors (INEDs).
INEDs with a broad and diverse range of backgrounds are a valuable source of external perspectives and are a key element
of good governance and decision-making. The Company has taken further steps over the past years to increase the
independence and diversity of its Board.
During the year, the Company underwent several changes in its governance. On 22 July 2024, John Witt stepped down
as a Director from the Board and as members of the Remuneration and Nominations Committees, Adam Keswick and
Graham Baker also resigned as members of the Nominations Committee and Remuneration Committee respectively on
the same day. The Company further appointed Cristina Diezhandino and Fabrice Megarbane as INEDs on 1 August
2024, and Scott Woroch as an additional INED on 4 November 2024. As a result of these changes, the Board comprises
ten Directors, of whom 50% are considered INEDs, taking into account the independence considerations under the UK
Corporate Governance Code (the Code), and 20% are female.
Having an effective corporate governance framework supports the Board in delivering the Group’s strategy and supports
long-term sustainable growth, and ensuring it operates transparently and in accordance with the best practice.
Corporate Governance
112 Mandarin Oriental International Limited
Group structure
Jardine Matheson is the ultimate holding company of the Group. The structural relationship between the Jardine
Matheson group and the Group is considered a key element of the Group’s success. By establishing common values
and standards, and sharing experience, contacts and business relationships, the Jardine Matheson group companies,
including Mandarin Oriental Hotel Group, aim to optimise their opportunities across the countries in which they operate.
Governance and legal framework
The Company is incorporated in Bermuda and was established as an Asian-based hotel group, and has since extended
its operations to numerous destinations around the world. The primary listing of the Company’s equity shares is in the
Equity Shares (Transition) Category (the Transition Category) of the Main Market of the London Stock Exchange (LSE).
The Company also has secondary listings in Singapore and Bermuda. As the Company has only secondary listings on
these exchanges, many of the listing rules of such exchanges are not applicable. Instead, the Company must release the
same information in Singapore and Bermuda as it is required to release under the rules which apply to it as a result of
being listed in the Transition Category on the LSE.
As a company incorporated in Bermuda , the Company is governed by:
The Bermuda Companies Act 1981 (the Bermuda Companies Act);
The Bermuda Mandarin Oriental International Limited Consolidation and Amendment Act 1988 (as amended),
pursuant to which the Company was incorporated, and the Bermuda Mandarin Oriental International Limited
Regulations 1993 (as amended, the Regulations) were implemented; and
The Company’s Memorandum of Association and Bye-Laws.
The Bermuda Takeover Code for the Company is set out in the Regulations and is based on the UK City Code on
Takeovers and Mergers. It provides an orderly framework within which takeover offers can be conducted and the interests
of shareholders protected.
Other acquisition mechanisms available under the Bermuda Companies Act include schemes of arrangement and
amalgamation and mergers. The Bermuda Companies Act provides a framework within which such procedures can be
conducted and the interests of shareholders protected.
The shareholders can amend the Company’s Bye-Laws by way of a special resolution at a general meeting of the Company.
The Company will modernise the provisions in the Bye-Laws and seek shareholders’ approval at the 2025 annual general
meeting (AGM) for the adoption of the new Bye-Laws.
The Company’s listing in the Transition Category of LSE means that it is bound by many, but not all, of the same rules
as companies which fall within the Equity Shares (Commercial Companies) categories (the Commercial Companies
Category) of the LSE, under the UK Listing Rules, the Disclosure Guidance and Transparency Rules (DTRs) issued
by the Financial Conduct Authority in the United Kingdom (FCA), the UK Market Abuse Regulation (MAR) and
the Prospectus Regulation Rules. This includes rules relating to continuous disclosure, periodic financial reporting,
disclosure of interests in shares, market abuse and the publication and content of prospectuses in connection with
admission to trading or the offering of securities to the public. In addition, the Company is subject to regulatory
oversight from the FCA, as the Company’s principal securities regulator, and is required to comply with the Admission
and Disclosure Standards of the Main Market of the LSE.
The Company and its Directors are also subject to legislation and regulations in Singapore relating, among other things,
to insider dealing.
When the shareholders approved the Company’s move to a standard listing from a premium listing in 2014, the
Company stated that it intended to maintain certain governance principles, which were applicable to it at that time by
virtue of its UK premium listing. As a result, the Company adopted a number of governance principles (the Governance
Principles) based on the applicable requirements for a UK premium listing in 2014, which went further than the standard
listing requirements at the time.
113Annual Report 2024
Corporate Governance Continued
Governance and legal framework continued
Following the FCA’s recent reform of the UK listing regime, including the introduction of new UK Listing Rules
which came into effect on 29 July 2024 (the 2024 UK Listing Rules), the replacement of the previous UK premium
and standard segments of the Official List of the FCA with the UK commercial companies category and the transfer
of the listing of the Company’s equity shares to the new UK transition category, the Company has undertaken a review
of the Governance Principles to ensure they remain appropriate and take into account market practice.
Following such review, the Board considers that certain amendments to the Governance Principles are appropriate to
align more closely with, and have regard to, the 2024 UK Listing Rules that other UK listed companies are subject to
and to reflect the modernisation of the governance of the Company. With immediate effect, the Company intends to
have regard to the 2024 UK Listing Rules (as in effect on 29 July 2024) applicable to the UK commercial companies
category, when applying the Governance Principles in relation to significant transactions and related party transactions.
This means that the key elements of the Governance Principles are now updated as follows:
If the Company carries out a related party transaction which, if its shares were listed on the UK commercial
companies category would require a sponsor to provide a fair and reasonable opinion under the provisions of the 2024
UK Listing Rules, it will engage an independent financial adviser to confirm that the terms of the transaction are fair
and reasonable as far as the shareholders of the Company are concerned.
If the Company carries out such a related party transaction or a significant transaction (one that would be classified as
a significant transaction under the provisions of the 2024 UK Listing Rules), as soon as reasonably practical after the
terms are agreed, the Company will issue an announcement, providing such details of the transaction as are necessary
for investors to evaluate the effect of the transaction on the Company.
At each AGM, the Company will seek shareholders’ approval to issue new shares on a non-pre-emptive basis for up to
33% of the Company’s issued share capital, of which new shares representing up to 5% of the Company’s issued share
capital can be issued for cash consideration.
The Company adheres to a set of Securities Dealing Rules which follow the provisions of MAR with respect to
market abuse and disclosure of interests in shares.
The Company is not required to comply with the Code, which applies to all UK commercial companies category issuers
and sets out the governance principles and provisions expected to be followed by companies subject to the Code.
However, the Company does have regard to the Code in developing and implementing its approach to corporate
governance and disclosure.
The management of the Group
The Board
The Board is responsible for ensuring that the Group is appropriately managed and achieves its strategic objectives in a
way that is supported by the right culture, values and behaviours. The Group’s culture provides the foundation for the
delivery of our strategy and our long-term, sustainable success. Our workforce policies and practices are consistent with
and support our culture. Periodic colleague surveys are conducted to assess the culture and enable management to
identify actions that could be taken to further improve our culture.
The Board is also responsible for ensuring that appropriate systems and controls are in place to enable efficient
management and well-informed decision-making. Our business processes incorporate efficient internal reporting,
robust internal controls, and supervision of current and emerging risk themes, all of which form a vital part of our
governance framework. As a key part of this, the Company Secretary has set up processes and systems to ensure that
all Directors receive information in a timely, accurate and clear manner. We use a board paper distribution portal to
disseminate board and committee papers securely to Directors.
114 Mandarin Oriental International Limited
The Board continued
The Chairman facilitates discussions at Board meetings, by ensuring all Directors have an opportunity to make
comments and ask questions. In addition, the Chairman discusses matters with Directors individually and collectively
outside of Board meetings. The Chairman also uses other gatherings of the Directors, such as Board dinners, to facilitate
discussions in a less formal environment.
The Board has full power to manage the business affairs of the Company, other than matters reserved to be exercised by
the Company in general meeting under Bermuda legislation or the Company’s Bye-Laws. Key matters for which the
Board is responsible include:
The overall strategic aims and objectives of the Group;
Establishing the Company’s purpose and values;
Approval of the Group’s strategy and risk appetite to align with the Group’s purpose and values;
Approval and oversight of the Group policy framework and approval of appropriate Group policies;
Approval of the annual budget and monitoring of performance against it;
Oversight of the Group’s activities;
Approval of major changes to the Group’s corporate or capital structure;
Approval of major capital expenditure and significant transactions in terms of size or reputational impact;
Approval of interim and final financial statements, Annual Report and Accounts, and interim management
statements, upon recommendation from the Audit Committee;
Approval of dividend policy and the amount and form of interim and final dividend payments, for approval by
shareholders as required;
Ensuring relevant sustainability and ESG matters are incorporated into purpose, governance, strategy,
decision-making, and risk management;
Overseeing the management of risk within the Group;
Any significant changes to the Company’s accounting policies or practices, upon recommendation from the
Audit Committee;
Appointment, re-appointment or removal of the external auditor, subject to shareholders’ approval, upon
recommendation from the Audit Committee;
Approval of matters relating to the AGM resolutions and shareholder documentation;
Approval of all shareholder circulars, prospectuses and listing particulars issued by the Company; and
Approval of material public announcements concerning matters decided by the Board.
Responsibility for certain matters, including the approval of loans and derivatives transactions (other than significant
capital expenditure required to be approved by the Board), has been assigned to the finance director of Jardine Matheson
group, with specific written terms of reference outlining his role and authorities.
The Company sees the value of regularly reviewing the effectiveness of its processes, and making improvements
where appropriate.
115Annual Report 2024
Corporate Governance Continued
The Board continued
Board activities
Set out below is a summary of the key areas of activity of the Board:
1. Strategy
To facilitate oversight and provide opportunities for the Board to challenge and measure progress against the Group’s
strategic priorities, at each Board meeting the Group Chief Executive and Chief Financial Officer provide updates on the
operational and financial performance of the Group.
2. Operational performance
Our business operates in highly dynamic markets and constantly need to innovate and adapt to remain relevant and
achieve long-term, sustainable success. In the last few years, Asia has seen a large influx of new capital, the rapid rise of
digital companies and an increasing desire among consumers for convenient digital services. In response, we have put
innovation, operational excellence and an entrepreneurial spirit at the heart of everything they do.
At each Board meeting, an update is provided on the operational performance of each business segment, which offers
important insights into the opportunities and challenges faced. In addition, Directors are provided with a deeper
understanding of how our varied markets function and the implications for stakeholder-related issues, in order to equip
the Board with the necessary perspective to enhance strategic decision-making.
3. Supporting leadership teams and colleagues
The Group attaches great importance to attracting, developing and retaining leadership talent. We strive to develop
leaders who are entrepreneurial in how they develop their businesses.
The Group is focused on enhancing performance management structures to recognise, reward and retain talent, with
incentives aligned to drive shareholder value by building better, stronger businesses.
The Company is also committed to creating an inclusive workplace which reflects the diversity of the communities
we serve.
The Board is provided with regular people updates to enable it to support talent attraction, development and retention,
and the progress of Inclusion, Equity and Diversity (IE&D) and colleague engagement initiatives.
116 Mandarin Oriental International Limited
The Board continued
4. Financial performance and risk
The Board oversees the actions the Company takes to deliver superior, long-term returns for our shareholders from our
market-leading businesses. We aim for decisive management built on a disciplined, long-term approach to capital
allocation approach and investment expertise, to maximise financial performance, maintain our financial strength and
manage risks. Over time, and in addition to be being part of the Jardine Matheson group of business, we have developed
deep relationships with a wide range of well-capitalised, leading banks and corporate partners, which support the Group’s
financial strength.
Our approach is underpinned by the Company always seeking to maintain a strong balance sheet and liquidity position.
This has enabled the Group to move with confidence in making some of our most substantial acquisitions at times of
market dislocation.
The Chief Financial Officer presents a detailed overview of the financial performance of the Group at each Board
meeting, to ensure that Directors’ are provided with sufficient information to enable them to provide the appropriate
financial oversight, and have the opportunity to challenge management as appropriate. The information provided
includes details of the financial performance of each business unit.
The Board also reviews the Group’s capital allocation, dividend policy and shareholder returns, as well as the
management of Group debt levels, interest cover and capital markets activities.
The Board has overall responsibility for risk management and is actively engaged in regular discussions about the
principal risks faced by the Group. The Audit Committee, on behalf of the Board, undertakes an annual assessment
of the effectiveness of the management of the principal risks facing by the Group and actions taken to mitigate them,
validating the key risks and approving any necessary actions arising from the risk assessments. This process takes into
account the key risks faced, and the risk management approach taken, by the Group.
Maintaining and enhancing the risk and internal control environment is fundamental to the Group’s governance
framework and the Board’s stewardship of the Company.
5. Governance and stakeholder engagement
A range of governance matters are discussed at Board meetings, including directors’ and officers’ insurance,
litigation, regulatory changes, review and approval of statutory reporting and shareholder documentation and
governance-related matters.
The Chief Financial Officer provides Directors with regular updates on stakeholder engagement, including engagement
with shareholders, governments, civil society and other relevant third parties, and relevant regulatory developments.
Increasing the Directors’ understanding of stakeholder views and priorities, and the actions being taken by the Group
to address them, supports the Board’s decision-making.
Updates from the Chief Financial Officer provide the Board with feedback on investor views and expectations, visibility
of market conditions, share price performance, shareholder returns and the future outlook.
The Chief Financial Officer provides the Board with Sustainability updates twice a year, which include the progress
being made by the Group in implementing the Group in progressing sustainability priorities, including achieving climate
action objective, particularly in relation to decarbonisation, as well as updates on responsible consumption and social
inclusion initiatives.
The Committee Chairs provide updates on the activities of the Committees at the Board meeting following each
Committee meeting.
117Annual Report 2024
Corporate Governance Continued
Board composition and operational management
The Board’s composition and the way it operates provide stability, allowing the Company to take a long-term view as it
seeks to grow its business and pursue investment opportunities.
The Chairman has been appointed in accordance with the provisions of the Bye-Laws of the Company, which provide
that the chairman of Jardine Matheson, or any Director nominated by him, shall be the Chairman of the Company.
The presence of Jardine Matheson representatives on the Company’s Board and its Committees provides an added
element of stability to the Company’s financial planning and supervision, enhancing its ability to raise finance and take a
long-term view of business development. It also strengthens the ability of management to work effectively together in
exploiting the full range of the Jardine Matheson group’s commercial strengths.
As at 5 March 2025, the Company comprises ten Directors, five of whom (50%) – Jinqing Cai, Richard Solomons,
Cristina Diezhandino, Fabrice Megarbane and Scott Woroch – are considered as independent, taking into account the
relevant considerations under the Code.
There were a number of Board changes during the year: Y.K. Pang retired from the Board on 31 March 2024. On 22 July 2024,
John Witt stepped down from the Board. On 1 August 2024, the Company appointed Fabrice Megarbane and Cristina
Diezhandino as INEDs. On 4 November 2024, the Company further appointed Scott Woroch as an additional INED.
There are detailed plans in place to ensure orderly succession for the Board.
The names of all the Directors and brief biographies appear on pages 38 and 39 of this Annual Report.
Ben Keswick has been Chairman of the Board since 16 May 2013. Laurent Kleitman has been Group Chief Executive
since 1 September 2023.
118 Mandarin Oriental International Limited
Board composition and operational management continued
The Board has considered that there is a clear division of responsibilities among the Chairman and the Group Chief
Executive to ensure an appropriate balance of power and authority is maintained at all times.
Board composition as at 5 March 2025 are shown below.
Directors’ experience
Health, beauty and lifestyle
Luxury retail
Food and beverage
Property management
Corporate governance, risk management and/or sustainability
Financial acumen
Strategy and business acumen
Executive leadership
International business
Hotel sector-related industry knowledge/experience
0 1 2 3 4 5 6 7 8 9 10
Nationality of Directors
5 2 1 1 1
0 1 2 3 4 5 6 7 8 9 10
British
French
Spanish Chinese
American
Tenure of Directors
8 2
0 1 2 3 4 5 6 7 8 9 10
5 years or below
Over 10 years
Capacity of Directors
0 1 2 3 4 5
Independent Non-Executive Directors
Non-Executive Directors
Executive Directors
Age of Directors
40-49
50-59
60-69
22
6
119Annual Report 2024
Corporate Governance Continued
Board composition and operational management continued
The Board has considered the diversity of the Company’s Board and senior management in the context of the
requirements under the UK Listing Rules that UK listed companies should publish information on the gender and
ethnic representation of their Board and senior management. As at 31 December 2024, being the reference date for
the purposes of 22.2.30R(1)(a) of the UK Listing Rules, which requires the disclosure of certain diversity statistics,
and as shown below:
The Board met its target of having one Director from a minority ethnic background;
The Company does not currently meet the target of the Board comprising at least 40% female directors but will
continue to take IE&D considerations into account for future Board appointments; and
The Board does not currently meet the target to have a female director occupying one of the senior Board positions
(Chairman, Group Chief executive or Chief Financial Officer). The Directors who hold these roles were appointed
following formal, rigorous and transparent nomination procedures and are the most suitable and experienced
individuals for their roles and the Group’s needs. The Board will continue to take IE&D considerations into account
for future appointments for these roles.
The Company did not meet the targets under the UK Listing Rules of the Board comprising at least 40% female
directors, and having one of the senior Board positions occupied by a female director, due to the significant change
to the composition of the Board and senior management which would be required to meet these requirements.
The Company has taken substantive steps in the past year to increase the diversity of the Board. A second female
INED was appointed in August 2024, bringing the position of female directors on Board to 20%. The Company
will continue to take IE&D considerations into account with respect to future appointments of Directors and senior
management positions.
The table below, which follows the format and categories prescribed by the UK Listing Rules, illustrates the ethnic
background and gender diversity of the Group’s Board and senior management – which includes the Company Secretary,
but excludes administrative or support staff – pursuant to 22.2.30R(2) of UK Listing Rules , as at 31 December 2024,
which is our chosen reference date in accordance with the UK Listing Rules
1
.
As at 31 December 2024
Number of
Board members
Percentage of
the Board
Number of senior
positions on
the Board
(Chairman, Group
Chief Executive,and
Chief Financial
Officer)
Number
in senior
management
(including the
Company
Secretary)
Percentage
of senior
management
(including the
Company
Secretary)
Gender diversity
Men 8 80% 3 10 67%
Women 2 20% – 5 33%
Not specified/prefer not to say – – – – –
Ethnic diversity
White British or other White
(including minority-white groups) 8 80% 2 13 87%
Mixed/Multiple Ethnic Groups 1 10% 1 2 13%
Asian/Asian British 1 10% – - –
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
1
Data relating to the gender and ethnic diversity of the Board and senior management was gathered by the Company Secretary via the
collection of each individual’s identification documents, which are held within the Company’s secure filing system.
120 Mandarin Oriental International Limited
Board composition and operational management continued
The Company has a Board Diversity Policy that guides the appointments to the Board and its Committees. There is no
separate Diversity Policy for the Committees. IE&D considerations are, and will be, taken into account where relevant to
Board and its Committees appointments.
Chairman
The Chairman’s role is to lead the Board, ensure its effectiveness while taking into account the Company’s various
stakeholders’ interests, and promote high standards of corporate governance.
The Chairman’s principal responsibilities are in the areas of strategy, external relationships, governance and people. The
Chairman leads the Board in overseeing the long-term strategic direction of the Group and approving its key business
priorities. His key responsibilities include:
Leading, with the Group Chief Executive, the development of the culture and values of the Group;
Supporting the development and maintenance of relationships with existing and new key business partners,
governments and shareholders;
Ensuring, together with the Group Chief Executive, an appropriate focus on attracting and retaining the right people
and carrying out succession planning for senior management positions;
Creating a culture of openness and transparency at Board meetings;
Building an effective Board supported by a robust governance framework;
Ensuring all Directors effectively contribute to discussions and feel comfortable in engaging in healthy debate and
constructive challenge;
Leading the succession planning for the Group Chief Executive;
Ensuring all Directors receive accurate, timely and clear information; and
Promoting effective communication between Executive and Non-Executive Directors, including INEDs.
121Annual Report 2024
Corporate Governance Continued
Group Chief Executive
The responsibility for running the Group’s business and all the executive matters affecting the Group rest with the Group
Chief Executive. The implementation of the Group’s strategy is delegated to the Company’s senior management, with
decision-making authority within designated financial parameters delegated to the finance director of the Jardine
Matheson group. The Group Chief Executive has day-to-day operational responsibility for:
Effective management of the Company and its business;
Leading the development of the Company’s strategic direction and implementing the strategy approved by the Board;
Identifying and executing new business opportunities;
Managing the Group’s risk profile and implementing and maintaining an effective framework of internal controls;
Developing targets and goals for his executive team;
Ensuring effective communication with shareholders and key stakeholders and regularly updating institutional
investors on the business strategy and performance;
Providing regular operational updates to the Board on all matters of significance relating to the Group’s business
or reputation;
Overseeing the Group’s approach to capital allocation, business planning and performance;
Ensuring, together with the Chairman, an appropriate focus on attracting and retaining the right people and
carrying out succession planning for senior management positions; and
Fostering innovation and entrepreneurialism to support the growth of the Group’s business.
Non-Executive Directors
The Non-Executive Directors bring insight and relevant experience to the Board. They have responsibility for constructively
challenging the strategies proposed by the Executive Directors, and scrutinising the performance of management in
achieving agreed goals and objectives. In addition, Non-Executive Directors work on individual initiatives as appropriate.
Board meetings
The Board usually holds four scheduled meetings each year, and ad hoc meetings when appropriate to deal with
urgent matters that arise between scheduled meetings. Board meetings are usually held in different locations around
the Group’s markets.
The Board receives high-quality, up-to-date information in advance of each meeting, which is provided to Directors
via a secure online board information portal. The Company reviews the information provided to the Board regularly to
ensure that it remains relevant to the needs of the Board in carrying out its duties.
The Directors who are based outside Asia, visit the region regularly to review and discuss the Group’s business and
inspect the Group’s hotels and branded residences. The knowledge these Directors have of the Group’s affairs, as well as
their experience of the wider Group, provides significant value to the ongoing review by the Company of the Group’s
performance and reinforces the Board oversight process.
122 Mandarin Oriental International Limited
Board attendance
Directors are expected to attend all Board meetings. The table below shows the attendance at the scheduled 2024
Board meetings:
Meetings eligible
to attend % Attendance
Current Directors
Non-Executive Directors
Jinqing Cai 4/4 100%
Adam Keswick 4/4 100%
Archie Keswick 4/4 100%
Richard Solomons 4/4 100%
Cristina Diezhandino
1
1/1 100%
Fabrice Megarbane
1
1/1 100%
Scott Woroch
2
1/1 100%
Executive Directors
Ben Keswick 4/4 100%
Laurent Kleitman 4/4 100%
Matthew Bishop 4/4 100%
Former Director
Y.K. Pang
3
0/1 0%
John Witt
4
2/2 100%
1
Cristina Diezhandino and Fabrice Megarbane joined the Board as Director on 1 August 2024. In 2024, only one Board meeting was held
after 1 August 2024.
2
Scott Woroch joined the Board as Director on 4 November 2024. In 2024, only one Board meeting was held after 4 November 2024.
3
Y.K. Pang retired as Director on 31 March 2024. In 2024, only one Board meeting was held before 31 March 2024.
4
John Witt stepped down as Director on 22 July 2024. In 2024, two Board meetings were held before 22 July 2024.
Appointment and retirement of Directors
There are detailed plans in place to ensure orderly succession to the Board. The Board is focused on development
and succession plans at both Board and senior management level, to strengthen the management pipeline. The
Chairman, in conjunction with other Directors, reviews the size, composition, tenure and skills of the Board. The
Chairman leads the process for new appointments, monitors Board succession planning, and considers independence,
diversity, inclusion and Group governance matters, as well as relevant expertise and experience, when recommending
appointments to the Board. Non-Executive Directors are appointed on merit, against objective criteria, and are initially
appointed for a three-year term.
Prior to appointment, the Chairman assesses the commitments of a proposed candidate, including other directorships,
to ensure they have sufficient time to devote to the role. The Chairman also regularly assesses the time commitments
of Directors, to ensure that they each continue to have sufficient time for their role. He also considers the potential
additional time required in the event of urgent corporate events. Any Director’s external appointments, which may
affect existing time commitments relevant to the Board, must be agreed with the Chairman in advance.
Upon appointment, all new Directors receive a comprehensive induction programme over several months. This is
designed to facilitate their understanding of the business and is tailored to their individual needs. The Chief Financial
Officer and the Company Secretary are responsible for briefing covering the Company’s core purpose and values,
strategy, key areas of the business and corporate governance.
123Annual Report 2024
Corporate Governance Continued
Appointment and retirement of Directors continued
The Board appoints each new Director, and the Nominations Committee has been established to assist the Board in
such matters. In accordance with the Company’s Bye-Laws, each new Director is subject to retirement and re-election
at the first AGM after their appointment. Directors are then subject to retirement by rotation requirements under the
Bye-Laws, whereby one-third of the Directors retire at the AGM each year. These provisions apply to both Executive and
Non-Executive Directors, but the requirement to retire by rotation does not extend to the Chairman of the Company.
The Company has determined that it is appropriate for the Chairman to be exempted from the retirement by rotation
requirements. An important part of the Group’s strong governance is corporate stability, which is provided by the
stewardship over the long-term of the business by family, as well as related and like-minded shareholders, who hold
a significant proportion of the shares of the Company. The Group believes that its stakeholders gain significant value
from the long-standing governance approach the Group has taken.
In accordance with Bye-Law 85, Adam Keswick will retire by rotation at this year’s AGM and, being eligible, offer
himself for re-election. In accordance with Bye-Law 92, Richard Solomons will also retire and, being eligible, offer
himself for re-election. Neither Adam Keswick nor Richard Solomons have service contracts with the Company or
its subsidiaries.
Company Secretary
All Directors have access to advice and support from the Company Secretary, who is responsible for advising the Board
on all governance matters.
Insurance and indemnification
The Company purchases insurance to cover its Directors against their costs in defending themselves in civil proceedings
taken against them in that capacity, as well as in respect of damages resulting from the unsuccessful defence of any
proceedings. To the extent permitted by applicable law, every Director shall be indemnified and secured harmless out
of the assets of the Company against all liability and loss suffered and expenses reasonably incurred. However, neither
insurance nor indemnity provides cover where the Director has acted fraudulently or dishonestly.
Delegations of authority
The Group has in place an organisational structure with defined lines of responsibility and appropriate delegations
of authority in place.
The Group’s delegation of authority framework establishes a clear pathway for decision-making. This ensures that
judgements are made at the correct business level by those team members most equipped to do so. Every decision made
aligns with the Group’s culture and values, taking into account the advantages, risks, financial consequences, and effects
on all stakeholders. The Board, supported by the Audit Committee, places significant emphasis on maintaining high
governance standards throughout the Group. This focus assists the Board in accomplishing its strategic goals and
fulfilling key performance objectives.
Directors’ responsibilities in respect of the financial statements
Under the Bermuda Companies Act, the Directors are required to prepare financial statements for each financial year
and present them annually to the Company’s shareholders at the AGM. The financial statements are required to present
fairly, in accordance with International Financial Reporting Standards (IFRS), the financial position of the Group at
the end of the year, and the results of its operations and its cash flows for the year then ended. The Directors consider
that applicable accounting policies under IFRS, applied on a consistent basis and supported by prudent and reasonable
judgements and estimates, have been followed in preparing the financial statements. The financial statements have been
prepared on a going concern basis.
124 Mandarin Oriental International Limited
Substantial shareholders
As a non-UK issuer, the Company is subject to the provisions of the DTRs, which require that a person must, in certain
circumstances, notify the Company of the percentage of voting rights attaching to the share capital of the Company that
person holds. The obligation to notify arises if that person acquires or disposes of shares in the Company and that results
in the percentage of voting rights which the person holds reaching, exceeding, or falling below, 5%, 10%, 15%, 20%,
25%, 30%, 50% and 75%.
The Company has been informed of the holding of voting rights of 5% or more attaching to the Company’s issued
ordinary share capital by Jardine Strategic Limited (the Jardine Strategic), which is directly interested in 1,112,719,720
ordinary shares carrying 88.04% of the voting rights. By virtue of its interest in Jardine Strategic, Jardine Matheson is
also interested in the same ordinary shares. Apart from this shareholding, the Company is not aware of any holders of
voting rights of 5% or more attaching to the Company’s issued ordinary share capital as of 5 March 2025.
There were no contracts of significance with substantial corporate shareholders during the year under review.
Related party transactions
Details of transactions with related parties entered into by the Company during the course of the year are included in
note 31 to the financial statements on pages 80 and 81.
Engagement with shareholders, other stakeholders and colleagues
We engage regularly with our stakeholders, including our employees, investors, creditors, partners and government
and this enables the Company to understand their perspectives and ensure we address their expectations and shape our
actions accordingly.
The Group regularly engages with its shareholders to provide an opportunity to ask questions of senior management.
Since the beginning of 2024, the Group have held two results briefings and nine analyst and institutional shareholder
meetings to answer those questions, discuss concerns, and hear feedback on areas where improvements could be made.
The Group has also engaged with thought leaders to listen, learn and understand how we can improve. They include
global and regional non-profit associations at the forefront of driving sustainable travel and tourism, an independent
think tank and the world’s leading conservation non-governmental organisation. The engagements provide an
opportunity for us to explore and discuss key social, environmental and economic issues facing society and where
our businesses operate. They also provide an important touch point to sense-check the issues that matter most to
society and help us better understand evolving expectations. The meetings with key thought leaders are attended by
senior management including the Group Chief Executive.
Securities purchase arrangements
The Directors have the power, under the Bermuda Companies Act and the Company’s Memorandum of Association,
to purchase the Company’s shares. Any shares so purchased are required to be treated as cancelled and, therefore, reduce
the Company’s issued share capital. The Board regularly considers the possibility of share repurchases. When doing so,
it considers the potential for enhancing earnings or asset values per share. When purchasing such shares, the Company
is subject to the provisions of MAR.
125Annual Report 2024
Corporate Governance Continued
Colleague engagement
The Group works hard to support the growth of the next generation of leaders within our businesses, ensuring our
colleagues can develop the skills they need and further their careers within the Group.
We aim to create an owner mindset among our senior management and are supporting this by enhancing our incentive
structures to focus less on current profits and more on value creation over a longer time horizon. This longer-term view
also incentivises creativity and innovation.
The Group conducted a colleague experience survey with a global completion rate of 96%. Results from the survey led
to a global sustainable engagement score of 89%, compared to 90% in 2023, which remains substantially ahead of the
Travel & Leisure norm and in line with the High Performance Norm and a global colleague retention score of 62%,
compared to 63% in 2023. Action plans have been developed by each business as well as the corporate teams to address
the survey outcomes.
Annual General Meeting
The Company’s 2025 AGM will be held on 2 May 2025. The full text of the resolutions and explanatory notes regarding
the meeting are contained in the Notice of AGM that is published at the same time as this Annual Report and can be
found at www.mandarinoriental.com/en/investors/regulatory.
Corporate website
The Company’s corporate website, which contains a wide range of additional information of interest to investors, can be
found at www.mandarinoriental.com.
Group policies
Code of Conduct
The Group conducts business in a professional, ethical and even-handed manner. Its ethical standards are clearly set out
in its Code of Conduct, a set of guidelines to which every employee must adhere and which is reinforced and monitored
by regular training and compliance certification process. It also modelled on the Jardine Matheson group’s code of
conduct. The Code of Conduct requires that all Group companies and employees comply with all laws of general
application, all rules and regulations that are industry specific and proper standards of business conduct. In addition,
the Code of Conduct prohibits the giving or receiving of illicit payments. It requires that all Directors and employees
must be fully aware of their obligations under the Code of Conduct and establish procedures to ensure compliance at
all levels within their businesses.
The Company’s policy on commercial conduct underpins internal control processes, particularly in the area of
compliance. The policy is also set out in the Group’s Code of Conduct.
Data privacy
The Group is committed to being a responsible custodian of the data entrusted to it by customers, employees, business
partners and other stakeholders. In addition, it is subject to multiple data privacy and security laws and regulations
in the global jurisdictions in which it operates. Accordingly, the Group is dedicated to complying with such laws and
regulations, regularly monitoring for legislative changes and adjusting its policies and procedures when appropriate.
Appropriate protections are in place to prevent misuse and unauthorised disclosure of personal data.
The Group’s Privacy Policy, and internal guidelines and procedures, underline the Group’s commitment to being a
responsible data custodian and ensuring compliance with applicable law.
126 Mandarin Oriental International Limited
Whistleblowing policy
The Group has a whistleblowing policy covering how employees can report matters of serious concern. The Audit
Committee is responsible for overseeing the effectiveness of the formal procedures for colleagues to raise such matters
and is required to review any reports made under those procedures referred to it by the internal audit function.
In addition, the Group has a whistleblowing service managed by an independent third-party service provider, which
supplement existing whistleblowing channels to assist employees and third parties in raising matters of concern and
report cases of suspected illegal or unethical behaviour. This service, which aims to help foster an inclusive, safe and
respectful workplace, is available 24 hours a day in multiple local languages and is accessible through several channel.
Colleagues may make anonymous submissions in situations where it is inappropriate or not possible to report a matter of
concern to a manager supervisor, People & Culture, Executive Directors, Legal representative or Chief Financial Officer.
Reports may be lodged by one of three channels: email, website or telephone hotline. Each report is allocated a unique
case number which enables follow-up with the reporter, if applicable. Once a report is lodged, it is sent to certain
authorised persons at the relevant business units. These include senior representatives from legal, compliance and
People & Culture teams who have experience in dealing with such matters. The authorised persons will follow up
on the report and investigate where necessary. The reporter, if they choose to, will be notified of the outcome.
All reports are treated confidentially and any retaliation against a person reporting a potential breach of the Code of
Conduct is a cause for disciplinary action under the Group’s whistleblowing policy.
Inclusion, Equity and Diversity
We understand that our greatest asset is our people. Their diverse talent, experiences, and backgrounds drive our growth.
We are committed to fostering an environment that values every individual, ensuring every voice contributes to our
collective success.
The Group applies the principle that colleagues should always treat others in a way they would expect others to treat them.
Bullying, intimidation, discrimination, and harassment of others have no place in the Group and will not be tolerated.
As a global hospitality employer, the Group believes in promoting equal opportunities in recruiting and developing all
employees, regardless of ethnicity, gender, age, sexual orientation, disability, background or religion, should be treated
fairly and with respect, and be valued for the contributions they make in their role. The high service expectations and
overall quality of the Mandarin Oriental brand necessitate that the Group seeks the best people from the communities
in which they operate most suited to their needs.
All colleagues are encouraged and supported to develop their full potential and contribute to the sustainable growth
of the Group. Colleagues’ views and ideas are essential, and they are encouraged to express them respectfully with
colleagues at all levels within the organisation.
To build an inclusive workplace which helps progress our ambitions across the Group, we incorporate IE&D principles
across our businesses and People & Culture practices. This includes:
Ongoing collaboration to ensure a set of inclusive working arrangements and policies to support IE&D;
Keeping our recruitment, promotion, and retention systems fair, based on aptitude, merit and ability;
Providing active talent management and career support for the Group’s colleagues to open up opportunities that
will facilitate a future pipeline of excellent leaders; and
Cultivating the right set of leadership behaviour through learning campaigns to ensure colleagues behave in
accordance with the Group’s value.
The Company keeps the composition of its Board and senior management positions under review, to ensure that it
remains appropriate to face the challenges of the changing business landscape. The Company is actively focused on
increasing gender diversity at all levels of the organisation.
127Annual Report 2024
Corporate Governance Continued
Committees
The Board is supported by the activities of its Committees (the Nominations, Remuneration and Audit Committees),
which ensure the right level of attention and consideration are given to specific matters. Matters considered by each of
the Committees are set out in their respective terms of reference. Copies of these documents can be obtained from the
Company’s website at www.mandarinoriental.com.
Nominations Committee
The Board established a Nominations Committee in March 2021. The role of the Nominations Committee is governed
by its terms of reference. The key responsibilities of the Nominations Committee are to:
Review the structure, size and composition of the Board and its committees and make recommendations to the Board
on any appointments to maintain a right balance of skills, knowledge and experience and independence, as well as
a diversity of perspectives;
Support the Chairman to lead the process for Board appointments and nominate suitable candidates to the Board;
Assess suitable candidates based on merit and objective criteria (giving consideration to the promotion of the diversity
of social and ethnic backgrounds, knowledge, experience and skills), taking into account their ability to meet the
required time commitments;
Oversee the development of succession pipelines for both the Board and senior management positions to ensure talent
is identified and nurtured to meet the challenges and opportunities facing the Group; and
Satisfy itself that any skill gaps are addressed in the reviews of Board composition and that appropriate development
opportunities are in place for Directors to keep abreast of market knowledge and industry trends to perform their
role effectively.
The Nominations Committee consists of a minimum of three members, selected by the Chairman of the Board. The
Chairman of the Board is the chairman of the Nominations Committee. The current members of the Nominations
Committee are Ben Keswick, Cristina Diezhandino and Raymond Co (Jardine Matheson’s group head of people
& culture). The Nominations Committee meets at least annually, or by the circulation of Committee circulars and
recommendations to the Board for approval as it deems appropriate. It plays a key role in the process of recruiting Board
members and senior management. Candidates for appointment as Executive Directors of the Company or other senior
management positions may be sourced internally or externally, including by using the services of specialist executive
search or recruitment firms. The aim is to appoint individuals who combine international business knowledge and
experience, industry knowledge and experience, if possible, and familiarity with, or adaptability to, Asian markets.
When appointing Non-Executive Directors, the Nominations Committee pays particular attention to the Asian business
experience and relationships that they can bring.
128 Mandarin Oriental International Limited
Remuneration Committee Report
Chair’s introduction
I am delighted to present the Remuneration Committee’s report for the year ended 31 December 2024. The report
outlines our approach to aligning Directors and senior management’s compensation with the Company’s objectives,
strategies and long-term performance.
We strive for fair and transparent compensation practices across the Company to support the Company’s
pay-for-performance culture. This year, we enhanced our performance management framework to link individual
performance to the Group’s business performance to help drive the new business strategy and create long-term
shareholder value.
We also revisited our salary increase guidelines to maintain market competitiveness and payouts were adjusted to
align with market conditions. During the year, we engaged an external consultant to create a new long-term rewards
scheme that rewards senior leadership with the value created under the new strategy to better align senior leadership
with shareholders.
Details of the Remuneration Committee’s key responsibilities and the Group’s remuneration policy are set out in below
sections. The full terms of reference are available on the Company’s website at www.mandarinoriental.com.
Ben Keswick
Chair of the Remuneration Committee
The Group’s remuneration philosophy and framework for rewarding staff
The remuneration outcomes in 2024 reflect the intended operation of the remuneration framework.
The Company aims to ensure that its remuneration system is designed in a manner that is aligned with the values and
strategic priorities of the Company. The Company’s remuneration framework serves to attract, motivate and retain
colleagues at all levels, while aligning the interests of senior management and shareholders and taking account of
stakeholder expectations, as appropriate. The Company’s rewards approach is to reward all individuals competitively,
fairly and free from gender, race, ethnicity, age, disability and other non-performance-related considerations.
It does this through:
Performance-based variable compensation;
Incentives based on financial measures and strategic objectives that reflect key goals critical to long-term sustainable
organisational success;
Consideration of business and operational risk as well as a sustainability development goal through the design of
performance objectives;
Providing incentives and policies which align the interests of senior management to those of shareholders;
Best-practice governance and ensuring remuneration outcomes are reasonable, taking into account community and
stakeholder expectations; and
Targeting remuneration levels and outcomes appropriately reflect the challenge and complexity of being a
multinational Asian-based hotel group with diverse hospitality businesses.
129Annual Report 2024
Corporate Governance Continued
The Group’s remuneration philosophy and framework for rewarding staff continued
The Company’s policy is to offer competitive remuneration packages to its senior management. The Company relies on a
reward framework that provides varying levels of remuneration and benefits depending on colleague level. It is recognised
that, given the nature of the Group and its diverse geographic base, a number of its senior management are required to be
offered international terms, and the nature of the remuneration packages is designed to reflect this. This structure of
remuneration varies from senior management to more junior level colleagues, but the link of remuneration to strategic
goals is consistent. The nature of goals used for remuneration varies depending on colleague level, but the Company
ensures goals are relevant and measurable while aligned with company values and strategic priorities. In addition,
Executive Directors joining from outside the Group may be offered an initial fixed-term service contract to reflect any
requirement for them to relocate.
Accordingly, the remuneration mix for colleagues varies depending on level. At senior management levels, more
remuneration is variable, depending on performance levels against goals. At more junior levels, remuneration is
directed toward fixed remuneration. The Company strives to provide an appropriate amount of remuneration ‘at risk’
for the achievement of goals – whether those are short- or long-term in nature.
Directors’ Remuneration
Shareholders decide in general meetings the Directors’ fees which are payable to all Directors other than the Group Chief
Executive and the Chief Financial Officer, as provided for by the Company’s Bye-Laws.
The remuneration of the Company’s Non-Executive Directors is not linked to performance. This is consistent with
Non-Executive Directors being responsible for objective and independent oversight of the Group. The total amount
provided to all Directors (excluding the salaried Executive Directors who are not entitled to such fees) must not exceed
the sum agreed by shareholders at a general meeting. The maximum aggregate remuneration of US$1.0 million per
annum was approved by shareholders at the 2022 AGM, and this total sum will be kept under review over time.
Executive Directors are paid a basic fixed salary as well as discretionary annual incentive bonuses and receive certain
employee benefits from the Group. Non-Executive Directors do not receive bonuses or any other incentive payments
or retirement benefits. The Non-Executive Directors are reimbursed for expenses properly incurred in performing their
duties as a Director of the Company.
The level of fees paid to the Company’s Non-Executive Directors is kept under regular review. Fees are benchmarked
against a peer group of similar companies and a proposal is taken to the Board every two years.
The schedule of fees paid to Directors in respect of the financial year 2024 is set out in the table below. Fees are annual
fees, unless otherwise stated:
USD (per annum)
Chairman fee: 100,000
Base Director fee
1
: 100,000
Audit Committee fee (Chair): 45,000
Audit Committee fee (member): 35,000
Remuneration Committee fee (Chair): 25,000
Remuneration Committee fee (member): 20,000
Nominations Committee fee: 15,000
1
The director fee payable to each Non-Executive Director increased to US$100,000 per annum with effect from 22 July 2024.
In March 2025, the Board has further approved an increase in base director fee (including the Chair’s fee) from US$100,000
to US$105,000 per annum.
130 Mandarin Oriental International Limited
Directors’ Remuneration continued
Director
Director Fee
US$
Audit
Committee Fee
US$
Nominations
Committee Fee
US$
Remuneration
Committee Fee
US$
Total Fees
US$
Current Directors
1 Ben Keswick (Chairman) 100,000 – 15,000 11,134 126,134*
2 Laurent Kleitman – – – – –
3 Matthew Bishop – – – – –
4 Jinqing Cai 94,454 35,000 – – 129,454
5 Cristina Diezhandino
2
41,803 – 6,270 8,361 56,434
6 Adam Keswick
3
94,454 – 6,680 – 101,134*
7 Archie Keswick 94,454 – – – 94,454
8 Fabrice Megarbane
4
41,803 – – – 41,803
9 Richard Solomons 94,454 45,000 – – 139,454
10 Scott Woroch
5
15,847 – – – 15,847
Former Directors
11 John Witt
6
55,464 – 8,320 – 63,784*
12 Y.K. Pang
7
22,377 8,702 – – 31,079*
Total 655,110 88,702 36,270 19,495 799,577
* Fees surrendered to Jardine Matheson
2
Cristina Diezhandino was appointed as an INED, and members of each of the Remuneration Committee and Nominations Committee on
1 August 2024.
3
Adam Keswick ceased to be a member of the Nominations Committee with effect from 22 July 2024.
4
Fabrice Megarbane was appointed as an INED on 1 August 2024.
5
Scott Woroch was appointed as an INED on 4 November 2024.
6
John Witt ceased to be a Director of the Company, and resigned as members of each of the Remuneration Committee and Nominations
Committee, with effect from 22 July 2024.
7
Y.K. Pang retired from the Board and Audit Committee on 31 March 2024.
Remuneration Committee
The Board has overall responsibility for setting remuneration across the Group, ensuring it is appropriate and supports
the Group’s strategy, creating value for stakeholders. The Remuneration Committee has been established to assist the
Board in these remuneration matters.
The Board established a Remuneration Committee in December 2021. The role of the Remuneration Committee is
governed by its terms of reference. The key responsibilities of the Remuneration Committee are to:
Oversee the formulation of a Group-wide reward strategy and ensure the business implements the reward strategy
in alignment with its industry-specific needs;
Review and approve the Company’s overall rewards strategy and remuneration framework;
Review the terms of and design of performance-related incentives (both short- and long-term), including the review
and approval of any changes to plan design, targets and metrics;
Review and approve the overall compensation costs, including salary and bonus budgets, of the business; and
Remain abreast of trends and developments in senior management’s compensation and corporate governance related
to the Group’s industry and countries of operation.
131Annual Report 2024
Corporate Governance Continued
Remuneration Committee continued
The Remuneration Committee consists of a minimum of three members, selected by the Chairman of the Board.
The Chairman of the Board is the chairman of the Remuneration Committee. The current members of the
Remuneration Committee are Ben Keswick, Cristina Diezhandino and Raymond Co (Jardine Matheson’s group
head of people & culture). The Group Chief Executive and the Chief People & Culture Officer will generally attend
meetings of the Remuneration Committee. The Remuneration Committee shall meet at least twice a year and as
required, or by circulation of Committee circulars which make recommendations to the Board for approval as it
deems appropriate.
How remuneration framework is linked to the business strategy
The Group’s remuneration strategy is designed to support and reinforce its business and sustainability strategies, both
short- and long-term. The ‘at risk’ components of remuneration are tied to measures that reflect the successful execution
of these strategies in both the short- and long-terms. Our strategic drivers of ‘Elevating our brand, Lifting our people,
Powering our core and Exceptional quality’ are reflected in bonus performance measures. So, the Group’s actual
performance directly affects what senior management are paid.
Remuneration outcomes in 2024
For the year ended 31 December 2024, the Directors received from the Group US$8.6 million (2023: US$7.9 million)
in Directors’ fees and employee benefits, being:
2024 2023
Director’s fees US$0.8 million US$0.8 million
Short-term employee benefits including salary, bonuses, accommodation
and deemed benefits in kind US$3.4 million US$5.3 million
Post-employment benefits US$0.1 million US$0.2 million
Long-term incentive benefits US$4.3 million US$1.6 million
The information set out in the section above headed ‘Remuneration outcomes in 2024’ forms part of the audited
financial statements.
Share schemes
Share-based long-term incentive plans have also been established to provide incentives for Executive Directors and senior
managers. The scheme trustee grants share options and share awards after consultation between the Chairman and the
Group Chief Executive and other Directors as they consider appropriate. Share options are granted at prevailing market
prices, while share awards will vest free of payment. The share options and share awards normally vest on or after the
third anniversary of the grant date. Grants may be made in several instalments. Share options and share awards are not
granted to Non-Executive Directors.
Directors’ share interests
The Directors of the Company in office on 5 March 2025 do not hold any interests in the Company’s ordinary
share capital.
132 Mandarin Oriental International Limited
Audit Committee Report
Chair’s introduction
I am pleased to present the Audit Committee’s report for the year ended 31 December 2024. In our ongoing efforts to
enhance corporate governance, the Audit Committee convened three times during the year, with an additional meeting
in November. This extra session was designed to identify potential issues early that could affect our year-end results.
This year, the Audit Committee has focused heavily on the Group’s transition to an asset-lite business, paying close
attention to the valuation of investment properties, hotel sales, various reporting matters, and legal and tax issues,
including litigation and disputes.
We have consistently examined key accounting issues and management judgments to ensure the accuracy and integrity of
the Company’s financial reporting. For more details, please refer to note 37 to the financial statements on pages 100 to 101.
The Audit Committee has also overseen the Company’s framework for non-financial reporting, ensuring it adapts to
evolving environmental, social, and governance responsibilities. Regular updates from management inform us about
the broader control environment, including financial reporting controls. We also review progress in addressing any
deficiencies, with insights from the Jardine Matheson group’s audit and risk management function (GARM) and
our external auditor, PwC.
The Audit Committee has actively reviewed and monitored the Company’s principal risks through a combination of
business reviews, focused engagements, and regular updates from management, GARM, and PwC. Following the
announcement of a new business strategy in May 2024, which focuses on specific strategic goals, the Group’s risk register
and evaluation of Principal Risks and Uncertainties have been updated to align with our current business and market
conditions. The Group’s risk register and Principal Risks and Uncertainties are reviewed twice a year.
The Audit Committee is tasked with overseeing the effectiveness of the Company’s financial reporting, including
disclosures related to ESG and climate change, internal control systems, and risk management. Additionally, we ensure
the integrity of both external and internal audit processes.
Details of the Audit Committee’s key responsibilities are set out in below sections. The full terms of reference are
available on the Company’s website at www.mandarinoriental.com.
Richard Solomons
Chair of the Audit Committee
Audit Committee
The Board has established an Audit Committee in December 2021. The Audit Committee consists a minimum of three
members, the current members of which are:
Richard Solomons (Chair of the Audit Committee and INED);
Jinqing Cai (INED); and
Graham Baker (Financial Expert).
None of them is directly involved in the operational management of the Company. A majority members of the Audit
Committee are independent members with recent financial experience and expertise, as well as a deep understanding of
risk management.
The Group Chief Executive and Chief Financial Officer, together with representatives of the internal and external
auditors, also attend the Audit Committee meetings by invitation. Other individuals may attend part of a meeting for
specific agenda items as appropriate. The Audit Committee meets on a schedule basis three times a year (the number
of annual meetings was increased from two to three in 2024 as part of the Group’s focus on improving its governance
approach further and strengthening the oversight of the Audit Committee).
The Audit Committee reports to the Board after each meeting.
133Annual Report 2024
Corporate Governance Continued
Audit Committee continued
The role of the Audit Committee is governed by its terms of reference. The Audit Committee’s remit includes:
Independent oversight and assessment of financial reporting processes, including related internal controls;
Independent oversight of risk management and compliance;
Independent oversight and responsibility for cybersecurity;
Monitoring and reviewing the effectiveness of the internal audit function and the Group's external auditor;
Considering the independence and objectivity of the external auditor; and
Reviewing and approving the level and nature of non-audit work performed by the external auditor.
Before completion and announcement of the Company’s half-year and full-year results, a review is undertaken by
the Audit Committee, with the senior management, of the Company’s financial information and any issues raised
in connection with the preparation of the results, including the adoption of new accounting policies. A report is also
received by the Audit Committee from the external auditor. The external auditor also have access, when necessary,
to the full Board, in addition to the Group Chief Executive, Chief Financial Officer and other senior management.
The Audit Committee confirms, to the best of its knowledge, the consolidated financial statements prepared in
accordance with IFRS, including International Accounting Standards and Interpretations as issued by the International
Accounting Standards Board, give a true and fair view of the assets, liabilities, financial position and profit or loss of
the Group.
The matters considered by the Audit Committee during 2024 included:
Reviewing the 2023 annual financial statements, 2024 half-year financial statements, and interim management
statement, with particular focus on the assets impairment assessments, assumptions that underpinned key valuation
models and effectiveness of financial controls;
Reviewing the significant actions and judgements of management in relation to changes in accounting policies and
practices to ensure clarity and accuracy of disclosures and compliance with new accounting standards;
Receiving reports from the internal audit function on the status of the control and compliance environment of the
Group, with particular focus on the mechanisms supporting financial reporting, and its business divisions and
progress made in resolving matters identified in the reports;
Reviewing the principal risks, evolving trends and emerging risks that affect the Group, and monitoring changes to
the risk profile, as well as the effectiveness of risk management measures and crisis management arrangements;
Receiving updates on the cybersecurity threat landscape and the Group’s cybersecurity environment, risk
management approach, training, priorities and control effectiveness;
Receiving reports from risk management and legal functions on key legal matters and compliance and code of
conduct issues, and the actions taken in addressing those issues and strengthening controls;
Reviewing the annual internal audit plan and status updates;
Reviewing the Group’s governance approach to cybersecurity management, data security and privacy management
across its businesses;
Reviewing the independence, audit scope and fees of PwC, and recommending their re-appointment as the external
auditor at general meeting; and
Conducting a review of the terms of reference of the Audit Committee.
Audit Committee attendance
The table below shows the attendance at the scheduled 2024 Audit Committee meetings:
Meetings eligible
to attend % Attendance
Members of the Audit Committee
Richard Solomons 3/3 100%
Jinqing Cai 3/3 100%
Graham Baker 3/3 100%
134 Mandarin Oriental International Limited
Auditor independence and effectiveness
The independence and objectivity of the Group’s external auditor are safeguarded by control measures including:
Reviewing the nature of non-audit services (including the amending of the non-audit services policy);
The external auditor’s own internal processes to approve requests for non-audit work to the external audit work;
Monitoring changes in legislation related to auditor independence and objectivity;
The rotation of the lead audit partner after seven years;
Independent reporting lines from the external auditor to the Audit Committee and providing an opportunity for
the external auditor to have in-camera sessions with the Audit Committee;
Restrictions on the employment by the Group of certain employees of the external auditor;
Providing a confidential helpline that employees can use to report any concerns; and
An annual review by the Audit Committee of the policy to ensure the objectivity and independence of the
external auditor.
The Board’s annual review in 2024 of the external auditor’s independence and effectiveness found that they performed
their duties effectively. The Board found the level of professional scepticism, the number and regularity of meetings with
the Audit Committee, feedback from the Audit Committee members and internal stakeholders and the levels of technical
skills and experience to be effective.
At each AGM of the Company, the Company is required to appoint an external auditor to hold office until the conclusion
of the next AGM. The Company’s shareholders approved the reappointment of PwC HK as the Company’s external
auditor at the AGM on 8 May 2024.
Risk management and internal control
The Board has overall responsibility for the Group’s risk management systems and internal control. The Board has
delegated responsibility to the Audit Committee for providing oversight regarding risk management activities. The Audit
Committee considers the Group’s principal risks and uncertainties and potential changes to the risk profile. It reviews
the operation and effectiveness of the Group’s internal control systems (financial, operational and compliance) and the
procedures by which these risks are monitored and mitigated.
The Audit Committee considers the systems and procedures regularly and reports to the Board semi-annually. GARM is
appointed to assist the Audit Committee in fulfilling its assurance and reporting roles. GARM adheres to international
standards for the professional practice of internal audit. To safeguard its independence and objectivity, GARM reports
functionally to the Audit Committee and has full and unrestricted access to all business functions, records, properties
and personnel.
The internal control systems are designed to manage, rather than eliminate, business risk; to help safeguard the Group’s
assets against fraud and other irregularities; and give reasonable, but not absolute, assurance against material financial
misstatement or loss. Senior management is responsible for implementing the systems of internal control throughout
the Group.
The Group has an established risk management process that is reviewed regularly and covers all business units within the
Group. This includes the maintenance of risk registers that detail the emerging and existing risks to the future success of
the business and the relevant key controls and mitigating factors that address those risks. The Group’s risk management
process and risk registers are reviewed on a regular basis.
135Annual Report 2024
Corporate Governance Continued
Risk management and internal control continued
The internal audit function also monitors the approach taken by the business units to risk. The internal audit function is
independent of the operating businesses and reports its findings and recommendations for any corrective action required
to the Audit Committee.
The Company’s principal risks and uncertainties are set out on pages 138 to 144.
Risk governance structure
Delegate/
Oversee
Report Monitor/
Review
Delegate/
Oversee
Report Monitor/
Review
Regulators
First Line of Defence
MO Operational Departments
• Hotels Management
• Regional/Corporate
Operational Departments
This Line of Defence identifies
and assesses the relevant risks
and subsequently manages and
implements specific response
actions.
Second Line of Defence
MO Risk Management
• Group Risk Management
Committee
• Regional Finance teams
This Line of Defence monitors
the principal risks to ensure
that the controls implemented
by the first line are appropriate
and effective.
External Audit (PwC)
Third Line of Defence
Internal Audit
• Jardine Matheson
group’s audit and risk
management (GARM)
This Line of
Defence provides
for independent and
objective assurance
and advisory activities.
Group Executives
Audit Committee
Board of Directors
The Group’s management is responsible for:
Identifying and assessing principal risks and uncertainties to which it is exposed;
Implementing the most appropriate actions to mitigate and control those risks to an acceptable level;
Providing adequate resources to minimise, offset or transfer the effects of any loss that may occur while managing
acceptable risk/benefit relationships;
Monitoring the effectiveness of the systems of risk management and internal control;
Reporting periodically to the Board via the Audit Committee and GARM on the principal risks and uncertainties; and
Working with external and internal auditors to monitor and improve its control environment.
136 Mandarin Oriental International Limited
Risk Management Framework
Risk management is integrated into each business unit’s strategic planning, budgeting, decision-making and operations.
Central to this is the continuous and systematic application of:
Risk Identification
Risk
Treatment
Risk Reporting
and Monitoring
Risk
Assessment
A Risk Management Framework based on ISO 31000 and COSO principles is embedded in the Group to identify, assess
and define the strategies to monitor risks. The risk registers prepared by each business unit provide the basis for the
aggregation process, which summarises the principal risks and uncertainties facing the Group as a whole.
Risk Identification Identify and document the Group’s exposure to uncertainty with existing
strategic objectives.
Adopt structured and methodical techniques to identify critical risks.
Risk Assessment Evaluate risks by estimating likelihood, financial and reputational damage, and the
speed at which the risk materialises, based on its inherent and residual level.
Determine risk rating using the risk heatmap, with four levels of residual risk status.
Risk Treatment Tolerate – accept if within the Group’s risk appetite.
Terminate – dispose or avoid risks were no appetite.
Risks may be accepted if mitigated to an appropriate level via:
– Transfer – take out insurance or share risk through contractual arrangements with
business partners; and
– Treat – redesign or monitor existing controls or introduce new controls.
Risk Reporting
and Monitoring
Periodic review of principal risks and uncertainties.
Setting key risk indicators to enhance monitoring and mitigation of risks.
Regular reporting of principal risks and uncertainties from the Group’s business units to
the Board via Audit Committee and GARM.
137Annual Report 2024
Corporate Governance Continued
Principal risks and uncertainties
Set out below are the principal risks and uncertainties facing the Company as required to be disclosed pursuant to the
DTRs issued by the FCA, as well as a summary of the steps taken to mitigate those risks. These risks are in addition to the
matters referred to in the Chairman’s Statement, Group Chief Executive’s Review, and other parts of this Annual Report.
Ranking Risk Risk description
1
Reputation risk
and brand name
Adverse perception of guest or employee health or safety, the occurrence of
accidents or injuries, cyber-attacks, security breaches, natural disasters, crime,
failure of suppliers, business partners to comply with relevant regulations
and contractual requirements relating to a variety of issues could harm our
reputation and create adverse publicity and cause a loss of consumer confidence
in our business and brand.
Mitigations
1. Establish a range of financial policies, procedures and audits to prevent and
mitigate risk impacts.
2. Establish a range of service standards and audits to ensure consistency of
service quality.
3. Ensure media response plans are in place to manage any negative publicity.
4. Maintain a global Sustainability programme to monitor and minimise the
impact of the Group’s operations on the environment and support the
Group’s goal of acting in a socially responsible manner.
5. The Group’s trademark protection programme proactively registers and
monitors the Group’s core marks in key markets and pursues infringements
as appropriate.
6. Operate an extensive Fire, Life, Health, Safety, Security and Environment
programme with related annual audits which helps ensure key elements of
the operations are maintained and inspected on a regular basis, business
continuity plans (BCPs) are regularly reviewed and tested.
7. Maintain a robust cybersecurity environment. Perform regular cybersecurity
and data vulnerability assessments and testing to identify weaknesses.
138 Mandarin Oriental International Limited
Ranking Risk Risk description
2
Natural and
man-made disaster
and pandemic
Environmental disasters such as earthquakes, floods and typhoons could
damage the Group’s assets and disrupt operations. Climate change may lead to
higher insurance premiums or reduced coverage for natural disasters.
Man-made disasters such as hazardous material spills, explosions, chemical or
biological attacks, nuclear blasts, traffic collisions could cause deaths, injuries,
and loss of property.
COVID-19 has demonstrated the wide-ranging and long-lasting impacts and
disruptions for businesses, communities and employees that may result from
the spread of a pandemic. Significant disruptions and uncertainties would
likely result from global or regional pandemics of a similar nature if they raise
the prospect of lockdowns, restrictions on cross-border mobility, interruptions
to supply chains, and dampened consumer sentiment.
There is potential for negative publicity and operational disruption arising from
conflict between activists and the Group’s businesses that are perceived to be
engaged in trade or activities that impact the environment.
Mitigations
1. Conduct climate risk assessments and adaptation action plans based
on recommendations of Task Force on Climate-Related Financial
Disclosures.
2. Ensure comprehensive BCPs are fully developed and periodically updated
at the Group level and in each location where the Group operates.
3. Seek geographic diversity of hotels which would mitigate the impact of
such incidents on the Group’s overall financial performance.
4. Maintain cost containment procedures enabling the hotels to reduce or
even suspend operations if necessary to reduce costs.
5. Maintain protocols to ensure the safety of colleagues and guests, such as
temperature monitoring, the issuing ofpersonal protective equipment,
sanitisation standards, and cleaning regimes.
6. Procure insurance covering property damage and business interruption
due to natural and man-made disaster.
Principal risks and uncertainties continued
139Annual Report 2024
Corporate Governance Continued
Ranking Risk Risk description
3
(Clarified)
Partnerships and
investments
The Group has an accelerated development strategy to scale the Management
Business. The Group may fail to achieve targeted revenue growth due to inability
to acquire new management contracts, or access targeted markets. The Group
may fail to create value as planned due to delays in new hotel openings.
If the Group is unable to develop and maintain good relationships with
third-party owners and/or if agreements with owners are terminated,
revenues could decrease. If owners are not able to maintain brand standards,
our business and reputation could be harmed.
Mitigations
1. Launch a multi-property ownership strategy and conduct sufficient
research, due diligence and evaluation of investment opportunities and
potential business partners.
2. Deploy resources to ensure efficient portfolio management. Develop
clear frameworks and governance structure to track and manage
project status.
3. Maintain framework to ensure owners maintain properties to
brand standards.
4
Political and
economic risk
Political risk
Changes and uncertainties in the political landscape pose risks for business
activity and sentiment in the territories where the Group operates and
consequently for the current investments and future growth of the Group.
Rising costs of fuel and staple foods may heighten the risk of civil discontent
and political instability. The imposition of export bans by some governments
on food and raw materials may add further uncertainties in the availability
and cost of necessary supplies.
Economic risk
The Group’s business is exposed to the risk of adverse developments in global
and regional economies and financial markets. These developments could
include recession, inflation, deflation, currency fluctuations, restrictions in
the availability of credit, business failures, or increases in financing costs,
oil prices or the cost of raw materials. Such developments might increase
operating costs, reduce revenues, lower asset values or result in some
or all of the Group’s hotels and residences being unable to meet their
strategic objectives.
Mitigations
1. Maintain the Group’s financial strength and funding sources under
scenarios of economic downturn and other stresses.
2. Monitor the macroeconomic environment and consider economic factors
in strategic and financial planning processes.
3. Procure insurance covering business interruption due to civil unrest
and terrorism.
Principal risks and uncertainties continued
140 Mandarin Oriental International Limited
Ranking Risk Risk description
5
IT and cybersecurity The Group’s businesses are reliant on technology in their operations and
face security threats targeting both individuals and businesses. As a result,
the privacy and security of customer and corporate information are at risk
of being compromised through a breach of our suppliers’ IT systems or the
unauthorised or inadvertent release of information, which may result in brand
damage, impaired customer trust, loss of competitiveness or regulatory action.
Security breaches stemming from inadequate cybersecurity or lack of employee
cybersecurity awareness may also adversely affect the Group’s ability to manage
daily business operations, resulting in business interruption, reputational
damage, regulatory penalties, lost revenues, repair or other costs.
Mitigations
1. Define cybersecurity programme to provide oversight, promote
cybersecurity hygiene, strengthen cybersecurity defences and manage
cybersecurity incidents.
2. Perform regular vulnerability assessment and penetration testing to
identify weaknesses.
3. Maintain disaster recovery plans and backups for data restoration.
4. Arrange regular security awareness training at least annually and phishing
testing to raise users’ cybersecurity awareness.
5. Conduct regular internal audits of IT general controls and cybersecurity.
Principal risks and uncertainties continued
141Annual Report 2024
Corporate Governance Continued
Ranking Risk Risk description
6
People and talent The competitiveness of the Group’s businesses depends on the quality of
the people that it attracts and retains. The unavailability of needed human
resources may impact the ability of the Group’s businesses to operate at
capacity, implement initiatives and pursue opportunities.
The Group needs to maintain critical capabilities required for expansion (by
function and by geographic markets), develop the right organisation design
and talent location, recruitment and management strategies. Capability gaps
may undermine the accelerated growth strategy. Inappropriate allocation of
resources may lead to inefficient scaling of the Management Business.
Mitigations
1. Support workforce practices that promote well-being and work
arrangements that are competitive with the market.
2. Ensure that organisational structure and resource allocation addresses
the capabilities needed to support strategic growth, and Management
Business scaling.
3. Ensure proactive manpower planning and succession planning are in place.
4. Enhance employer branding, training for staff members, compensation and
benefits, including retention incentives.
5. Enhance talent development plans to increase employees’ visibility of future
career paths, including identifying strategic talent pools.
7
(Clarified)
Customer’s changing
behaviours and
market competition
The Group is operating in a highly competitive market with both globally
scaled chains and boutique competitors. In addition to these traditional
sector peers, home sharing services, short-term rental platforms and other
intermediaries intensify the competition. Online travel agents, luxury travel
agent consortia and other key global sales accounts compete with our direct
channels of distribution, potentially diluting both profitability and our
customers’ loyalty. If we cannot manage and balance our distribution channels,
we risk loss of net revenue and customer ownership.
Mitigations
1. Elevate Mandarin Oriental’s brand and brand value through a clearly
defined Brand strategy to grow guests’ awareness, purchase and retention.
2. Optimise channel mix and direct ownership of targeted customer segment.
3. Strengthen customer relationship management and digital commerce
capabilities.
Principal risks and uncertainties continued
142 Mandarin Oriental International Limited
Principal risks and uncertainties continued
Ranking Risk Risk description
8
Concentration risk Certain locations in Asia contribute a significant portion of the Group’s
underlying profit. Adverse conditions such as social upheaval, erosion of the
rule of law or travel restrictions could reduce a location’s competitiveness
and impact the Group’s businesses with operations in and exposure to
that jurisdiction.
Mitigation
1. Seek geographical diversification of Management Business income.
9
(New)
Third-party service
provider and supply
chain management
Our hotels and residences rely on third-party service providers for the provision
of various services and goods required for our business. Mis-selection or
mis-management of vendors, disruption of the supply chain, failure to satisfy
our brand standards and safety requirements may cause damage to brand,
operations and results.
The Group is highly reliant on technology in business operations. Third-party
technical service providers deliver access to our systems. Unauthorised access
to/use of confidential or proprietary information, breach of sensitive data
and delay of service delivery may negatively affect our brand, operations and
results. Mis-selection of vendors may hinder introduction or development
of information technology needed to support efficient scaling of the Group.
Mitigations
1. Carefully evaluate and select vendors and third-party service providers,
including an information security assessment where appropriate.
2. Engage suppliers only if they agree to comply with our supplier’s code
of conduct.
143Annual Report 2024
Corporate Governance Continued
Ranking Risk Risk description
10
Financial strength
and funding
The Group’s activities expose it to a variety of risks to its financial strength and
funding, including market risk, credit risk and liquidity risk.
The market risk the Group faces includes i) foreign exchange risk from future
commercial transactions, net investments in foreign operations and net
monetary assets and liabilities that are denominated in a currency that is not
the entity’s functional currency; and ii) interest rate risk through the impact
of rate changes on interest bearing assets and liabilities.
The Group’s credit risk may be primarily attributable to deposits with banks,
contractual cash flows of debt investments and credit exposures to customers.
The Group may face liquidity risk if its credit standing deteriorates or if it is
unable to meet its financing commitments.
Mitigations
1. Set clear policies and limits on market, credit, and liquidity risks,
including in relation to foreign exchange exposure, interest rate risks,
cash management and prohibition on derivatives not used in hedging.
2. Adopt appropriate credit guidelines to manage counterparty risk.
3. Fix a portion of borrowings in fixed rates and take borrowings in local
currency to hedge foreign exchange exposures on investments.
4. Maintain adequate headroom in committed facilities to facilitate the
Group’s capacity to pursue new investment opportunities and to provide
some protection against market uncertainties.
5. Keep an appropriate funding balance between equity and debt from banks
and capital markets, both short- and long-term in tenor, to give flexibility
to develop the business.
6. The Group’s treasury operations are managed as cost centres and are not
permitted to undertake speculative transactions unrelated to underlying
financial exposures.
Effectiveness review of risk management and internal control systems
The effectiveness of the Company’s risk management and internal control systems is monitored by the Group Audit and
Risk Management team, which reports functionally to the Audit Committee of the Group. The findings of the internal
audit function and recommendations for any corrective action required are reported to the Audit Committee and, if
appropriate, to Jardine Matheson’s Audit Committee.
Principal risks and uncertainties continued
144 Mandarin Oriental International Limited
Shareholder Information
Financial calendar
2024 full-year results announced 5 March 2025
Shares quoted ex-dividend 20 March 2025
Share registers closed 24 to 28 March 2025
Annual General Meeting to be held 2 May 2025
2024 final dividend payable 14 May 2025
2025 half-year results to be announced 28 July 2025 *
Shares quoted ex-dividend 21 August 2025 *
Share registers to be closed 25 to 29 August 2025 *
2025 interim dividend payable 15 October 2025 *
* Subject to change
Dividends
Shareholders will receive cash dividends in United States Dollars, except where elections are made for alternate currencies
in the following circumstances:
Shareholders on the Jersey Branch Register
Shareholders registered on the Jersey branch register can elect for their dividends to be paid in Pounds Sterling. These
shareholders may make new currency elections for the 2024 final dividend by notifying the United Kingdom transfer
agent in writing by 25 April 2025. The Pounds Sterling equivalent of dividends declared in United States Dollars will be
calculated by reference to an exchange rate prevailing on 30 April 2025.
Shareholders holding their shares through the CREST system in the United Kingdom will receive cash dividends in
Pounds Sterling only as calculated above.
Shareholders on the Singapore Branch Register who hold their shares through The Central
Depository (Pte) Limited (CDP)
Shareholders who are enrolled in CDP’s Direct Crediting Service (DCS)
Those shareholders who are enrolled in CDP’s DCS will receive their cash dividends in Singapore Dollars unless they opt
out of CDP Currency Conversion Service, through CDP, to receive United States Dollars.
Shareholders who are not enrolled in CDP’s DCS
Those shareholders who are not enrolled in CDP’s DCS will receive their cash dividends in United States Dollars unless
they elect, through CDP, to receive Singapore Dollars.
Registrars and transfer agent
Shareholders should address all correspondence with regard to their shareholdings or dividends to the appropriate
registrar or transfer agent.
Principal Registrar
Jardine Matheson International Services Limited, P.O. Box HM 1068, Hamilton HM EX, Bermuda
Jersey Branch Registrar
MUFG Corporate Markets (Jersey) Limited (formerly known as Link Market Services (Jersey) Limited), IFC 5,
St Helier, Jersey JE1 1ST, Channel Islands
Singapore Branch Registrar
Boardroom Corporate & Advisory Services Pte. Ltd., 1 Harbourfront Avenue, Keppel Bay Tower, #14-07,
Singapore 098632
United Kingdom Transfer Agent
MUFG Corporate Markets (formerly known as Link Group), Central Square, 29 Wellington Street, Leeds LS1 4DL,
United Kingdom
Press releases and other financial information can be accessed through the internet at www.mandarinoriental.com.
145Annual Report 2024
Mandarin Oriental Hotel Group Contact Addresses
Hong Kong Corporate Office
8th floor One Island East
Taikoo Place
18 Westlands Road
Quarry Bay, Hong Kong
Telephone +852 2895 9288
mandarinoriental.com
Asia
Mandarin Oriental, Bangkok
48 Oriental Avenue
Bangkok 10500
Thailand
Telephone +66 (0) 2 659 9000
Email mobkk-reservations
@
mohg.com
Mandarin Oriental Qianmen, Beijing
No. 1 Caochang Alley 10, Dongcheng District
Beijing 100005, China
Telephone +86 (10) 8592 8888
Email moqnm-reservations
@
mohg.com
Mandarin Oriental Wangfujing, Beijing
No. 269 Wangfujing Street, Dongcheng District
Beijing 100006, China
Telephone +86 (10) 8509 8888
Email mowfj-reservations
@
mohg.com
Mandarin Oriental, Guangzhou
389 Tianhe Road, Tianhe District
Guangzhou 510620, China
Telephone +86 (20) 3808 8888
Email mogzh-reservations
@
mohg.com
Mandarin Oriental, Hong Kong
5 Connaught Road Central
Hong Kong
Telephone +852 2522 0111
Email mohkg-reservations
@
mohg.com
The Landmark Mandarin Oriental, Hong Kong
The Landmark
15 Queen’s Road Central
Hong Kong
Telephone +852 2132 0188
Email lmhkg-reservations
@
mohg.com
Mandarin Oriental, Jakarta
Jalan M H Thamrin
Jakarta 10310
Indonesia
Telephone +62 (21) 2993 8888
Email mojkt-reservations
@
mohg.com
Mandarin Oriental, Kuala Lumpur
Kuala Lumpur City Centre
50088 Kuala Lumpur
Malaysia
Telephone +60 (3) 2380 8888
Email mokul-reservations
@
mohg.com
Mandarin Oriental, Macau
N.945, Avenida Dr Sun Yat Sen
NAPE, Macau, China
Telephone +853 8805 8888
Email momac-reservations
@
mohg.com
Mandarin Oriental, Sanya
12 Yuhai Road
Sanya 572000
Hainan, China
Telephone +86 (898) 8820 9999
Email mosan-reservations
@
mohg.com
Mandarin Oriental Pudong, Shanghai
111 Pudong Road (S), Pudong
Shanghai 200120, China
Telephone +86 (21) 2082 9888
Email mopud-reservations
@
mohg.com
Mandarin Oriental, Shenzhen
No. 5001 Huanggang Road
Futian District, Shenzhen
Guangdong 518036, China
Telephone +86 (755) 8802 6888
Email moszn-reservations
@
mohg.com
Mandarin Oriental, Singapore
5 Raffles Avenue, Marina Square
Singapore 039797
Telephone +65 6338 0066
Email mosin-reservations
@
mohg.com
146 Mandarin Oriental International Limited
Mandarin Oriental, Taipei
No. 158 Dunhua North Road
Taipei 10548, Taiwan
Telephone +886 2 2715 6888
Email motpe-reservations
@
mohg.com
Mandarin Oriental, Tokyo
2-1-1 Nihonbashi Muromachi, Chuo-ku
Tokyo 103-8328, Japan
Telephone +81 (0) 3 3270 8800
Email motyo-reservations
@
mohg.com
E
UROPE
, the M
IDDLE
E
AST
AND
A
FR ICA
Emirates Palace Mandarin Oriental, Abu Dhabi
West Corniche Road
Abu Dhabi, United Arab Emirates
Telephone +971 2 690 9000
Email moauh-reservations
@
mohg.com
Mandarin Oriental, Barcelona
Passeig de Gràcia, 38-40
08007 Barcelona, Spain
Telephone +34 93 151 88 88
Email mobcn-reservations
@
mohg.com
Mandarin Oriental, Bodrum
Gölköy Mahallesi 314
Sokak No. 10, 48483,
Bodrum, Muğla, Turkey
Telephone +90 (252) 311 18 88
Email mobod-reservations
@
mohg.com
Mandarin Oriental, Costa Navarino
Navarino Bay, Costa Navarino
Pylos, Messenia, 24001
Greece
Telephone +30 272 3099888
Email mocna-reservations
@
mohg.com
Mandarin Oriental, Doha
Barahat Msheireb Street
Msheireb Downtown Doha
PO Box 23643
Doha, Qatar
Telephone +974 4008 8888
Email modoh-reservations
@
mohg.com
Mandarin Oriental Jumeira, Dubai
Jumeirah Beach Road, Jumeira 1
PO Box 62092
Dubai, United Arab Emirates
Telephone +971 4 777 2222
Email modub-reservations
@
mohg.com
Mandarin Oriental, Geneva
Quai Turrettini 1
1201 Geneva, Switzerland
Telephone +41 (22) 909 0000
Email mogva-reservations
@
mohg.com
Mandarin Oriental Bosphorus, Istanbul
Kuruçeşme, Muallim Naci Caddesi No: 62
34345 Beşiktaş, İstanbul, Turkey
Telephone +90 212 349 8888
Email moist-reservations
@
mohg.com
Mandarin Oriental, Lago di Como
Via Caronti, 69
22020 Blevio (Co)
Italy
Telephone +39 031 32 511
Email mocmo-reservations
@
mohg.com
Mandarin Oriental Hyde Park, London
66 Knightsbridge
London, SW1X 7LA
United Kingdom
Telephone +44 (0) 20 7235 2000
Email molon-reservations
@
mohg.com
Mandarin Oriental Mayfair, London
22 Hanover Square
Mayfair, London W1S 1JP
United Kingdom
Telephone +44 (0) 20 7889 8888
Email momay-reservations
@
mohg.com
Mandarin Oriental Palace, Luzern
Haldenstrasse 10
6002 Lucerne, Switzerland
Telephone +41 41 588 1888
Email molzn-reservations
@
mohg.com
147Annual Report 2024
Mandarin Oriental Ritz, Madrid
Plaza de la Lealtad 5
28014 Madrid, Spain
Telephone +34 91 701 67 67
Email mrmad-reservations
@
mohg.com
Mandarin Oriental, Marrakech
Route du Golf Royal
40 000 Marrakech, Morocco
Telephone +212 5 24 29 88 88
Email momrk-reservations
@
mohg.com
Mandarin Oriental, Milan
Via Andegari 9
20121 Milan, Italy
Telephone +39 02 8731 8888
Email momln-reservations
@
mohg.com
Mandarin Oriental, Munich
Neuturmstrasse 1
80331 Munich, Germany
Telephone +49 (89) 290 980
Email momuc-reservations
@
mohg.com
Mandarin Oriental, Muscat
Way 2827, Shatti Al Qurum
PO Box 1368
Muscat, Oman
Telephone +968 2103 8888
Email momct-reservations
@
mohg.com
Mandarin Oriental, Paris
251 rue Saint-Honoré
75001 Paris, France
Telephone +33 (0)1 70 98 78 88
Email mopar-reservations
@
mohg.com
Mandarin Oriental, Prague
Nebovidská 459/1, Malá Strana
118 00 Prague, Czech Republic
Telephone +420 233 088 888
Email moprg-reservations
@
mohg.com
Mandarin Oriental Al Faisaliah, Riyadh
PO Box 4148
King Fahad Road, Al Olaya
Riyadh 12212
Saudi Arabia
Telephone +966 11 273 2000
Email moryd-reservations
@
mohg.com
Mandarin Oriental Savoy, Zurich
Poststrasse 12, 8001 Zurich
Switzerland
Telephone +41 (0) 43 588 38 38
Email mozrh-reservations
@
mohg.com
America
Mandarin Oriental, Boston
776 Boylston Street
Boston, Massachusetts 02199, USA
Telephone +1 (617) 535 8888
Email mobos-reservations
@
mohg.com
Mandarin Oriental, Canouan
Carenage Bay, Canouan Island VC0450
Saint Vincent and the Grenadines
Telephone +1 (212) 461 8068
Email mocan-reservations
@
mohg.com
Mandarin Oriental, Miami
500 Brickell Key Drive
Miami, Florida 33131, USA
Telephone +1 (305) 913 8288
Email momia-reservations
@
mohg.com
Mandarin Oriental, New York
80 Columbus Circle
New York, New York 10023, USA
Telephone +1 (212) 805 8800
Email monyc-reservations
@
mohg.com
Mandarin Oriental, Santiago
Avenida Presidente Kennedy 4601
7560994 Las Condes, Santiago, Chile
Telephone +56 2 2950 3088
Email mostg-reservations
@
mohg.com
Mandarin Oriental Hotel Group Contact Addresses Continued
148 Mandarin Oriental International Limited
mandarinoriental.com
Mandarin Oriental International Limited