HONG KONG – One of Hong Kong's key landmarks, the Landmark Complex in Central, is to be redeveloped by Hongkong Land in a US$210 million exercise. Part of the redevelopment will see the rise of a boutique hotel, which will be managed by Mandarin Oriental, which is part of the Hongkong Land group. The news of the new hotel sparked rumours in local newspapers that the Mandarin Oriental hotel would also be rebuilt but Mandarin Oriental International chief executive Edouard Ettedgui dismissed such talk, saying, "We absolutely do not have plans to demolish the 40-year-old Mandarin Oriental Hotel," he said. "This is our flagship hotel and it will be a pity to remove this piece of history or heritage." He said the new 188-room hotel in Edinburgh Tower would cater to the high-yield lesiure market and was different in design and style to the Mandarin Oriental. The majority of the work is planned for completion between 2004 and 2005, with the office tower expected to be completed at the end of 2006.