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Shangri-la Asia Introduces Three More Investors
June 15, 2007 |
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According to Hong Kong media report, Shangri-la Asia will sell 20% of the stake of Shangri-la Hotel Guangzhou to three companies of Fast Action Associates Limited, Xiangtai Trade Company and Robinson Enterprise Limited.
Of the three new investors, Fast Action Associates Limited will acquire 10% of Shangri-la Hotel Guangzhou's stake for US$6.03 million and the remaining two will acquire 5% each for US$3.01 million.
As a wholly-owned asset of Shangri-la Asia, Shangri-la Hotel Guangzhou formally opened its doors at the end of March. After this transaction, Shangri-la Asia hold 80% of the stake of Shangri-la Hotel Guangzhou.
At present, Shangri-la owns 14 under-construction properties and one for-expansion property in mainland China, all of which are scheduled to open before 2009. In addition to China, Shangri-la also owns hotels in Thailand, the Philippines, Maldives and Mongolia. The group is aiming to have more than 100 hotels by 2012.
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