Mario Gabelli Comments on Mandarin Oriental International Ltd.

Jun 09, 2014

Mandarin Oriental International Ltd. (0.2%) (SGX:M04)(M04 - $1.74 - Singapore Exchange) is the holding company for Hong Kong based Mandarin Oriental Hotel Group (MOHG), which operates twenty-six deluxe hotels and resorts containing 7,466 rooms located in twenty countries. Mandarin Oriental International Ltd. is incorporated in Bermuda and listed on the Singapore exchange. Mandarin Oriental currently has eighteen hotels in its development pipeline, all of which are management contracts that allow the company to grow without significant growth capital experience related to real estate development. The management and incentive fees stream from management contracts is a high-margin, high multiple business that augments the company's growth profile. MOHG continues to be 74% owned by Hong Kong based conglomerate Jardine Strategic Ltd.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund's first quarter 2014 shareholder commentary.

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