As a result of the economic downturn, W Hotels, part of Starwood Hotels and Resorts Worldwide, has cancelled its intention to manage a luxury hotel located in Shanghai International Financial Centre (IFC) in Lujiazui, part of the Pudong financial district.

Owned by Sun Hung Kai Properties (SHKP), the proposed hotel in Shanghai IFC is scheduled to open in 2010 while the entire development is expected to be completed by the first half of 2011.

According to market sources, SHKP might convert the rooms which were to be managed by W Hotels into serviced apartments units.

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