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Shangri-La buys Sydney hotel, confirms date for Holiday Inn Brisbane takeover

Shangri-La Hotel Sydney has been purchased by Shangri-La Asia Ltd

By JAMES WILKINSON

Shangri-La Asia Ltd has purchased the 563-room Shangri-La Hotel Sydney from the Government of Singapore Investment Corporation for AUD$352 million.

The purchase of the property exceeds the AUD$249 million Starhill REIT paid to purchase the Sydney Harbour Marriott from Colonial a few weeks ago and comes at a busy time for the Kuok family’s Shangri-La Hotels and Resorts, with the company yesterday confirming August 7 as the date when Traders will debut in Brisbane.

As reported on HM on June 15, Shangri-La is taking over the Holiday Inn Brisbane and converting the property to a Traders Hotel, marking the upscale brand’s debut in Australia.

In the first official statement from Shangri-La regarding the takeover of Holiday Inn Brisbane since the HM story, the company confirmed yesterday (June 26) it had purchased the 191-room property and its early August takeover.

“Hong Kong-based Shangri-La Hotels and Resorts has entered into an agreement to acquire and assume management of the hotel currently operated by Holiday Inn Brisbane,” Shangri-La said in a statement.

“Starting 7 August 2012, the 191-room property that is centrally located above the Brisbane Transit Centre and next to Roma Street Parklands, will be the first Traders hotel operated by Shangri-La Hotels and Resorts in Australia.

“Following the group’s recent acquisition of the 563-room landmark Shangri-La Hotel, Sydney and its current majority stake in Shangri-La Hotel, The Marina in Cairns, Traders Hotel, Brisbane will mark the hotel group’s third venture in Australia.

“As the third most populous city in the country, Brisbane is a strategic feeder destination to other major Australian cities for the Shangri-La group.

“The decision to fully acquire and manage Traders Hotel, Brisbane is in line with Shangri-La’s financial commitment and long term vision for Australia.

“After China and the United States, the Australian continent represents the third largest market for Shangri-La and forms a key substantial membership base within the worldwide network of 2.1 million members of the company’s prolific loyalty programme, Golden Circle.

“Travel partners, corporate executives and meeting planners will also benefit from the Shangri-La’s recognized global sales and marketing network as well as ongoing support from the group’s established regional presence in Sydney,” Shangri-La said.

HM can also today confirm Bruno Cristol – currently General Manager of the Shangri-La-managed Golden Sands Resort in Penang, Malaysia, and formerly GM at Shangri-La The Marina Cairns in Queensland – will take up the reins at Traders Hotel Brisbane.

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