Mandarin Oriental rights issue raises $316m

THE OWNER of the Mandarin Oriental Hotel in Knightsbridge raised $316m (£207m) via a right issue yesterday to help reduce debt and pay for the £85m revamp of the five-star hotel. The fundraising came as the Mandarin Oriental International posted a record underlying profit of $97m in 2014, up four per cent on the previous year. The group, which has 27 hotels around the world, said total revenue rose two per cent to £1.3bn.