Shangri-La Asia has paid $352 million to obtain full ownership of their hotel in Sydney which the Hong Kong based luxury hotel operator has been managing since 2003.
The property was purchased from the Government Investment Corporation of Singapore, which is a wholly Singapore government owned institution, aiming to achieve long-term investment returns for the government.
The plot of land is owned by the Sydney Harbour Foreshore Authority and has a 99-year leasehold contract issued in 1988.
Source Shangri-La.com:
The Shangri-La story began in 1971 with their first deluxe hotel in Singapore.
Today, Hong Kong-based Shangri-La Hotels and Resorts is Asia Pacific's leading luxury hotel group. With 72 hotels and resorts throughout Asia Pacific, North America, the Middle East, and Europe, the Shangri-La group has a room inventory of over 30,000.
In addition, new hotels are under development in Canada, mainland China, India, Philippines, Qatar, Turkey and United Kingdom.
