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The Hong Kong-based parent of the Mandarin Oriental hotel and landlord Ayala Land are in advanced state of negotiations to cut short the luxury hotel's property lease in Makati City, according to reports.
In return, Ayala Land will offer Mandarin Oriental a comparable-sized property that is within walking distance from the future Philippine Stock Exchange headquarters in The Fort.
The lease of the Makati hotel is still good up to 2026, but the parent Jardine Matheson Group feels that the local Mandarin has steadily been edged out by newer, better-situated brands closer to the Ayala Centre and even the Bonifacio Global City.
Ayala Land, which itself has gone into the hotel management business, reportedly plans to demolish the 1976-built Mandarin Oriental and integrate the redevelopment of the isolated intersection with its flagship One and now Two Roxas Triangle residential towers across the estero.