SHANGRI-LA GROUP FORMS JOINT VENTURE WITH SAMTY GROUP FOR A LUXURY HOTEL IN KYOTO, JAPAN
Shangri-La Group today announced a new joint venture with Samty Co., Ltd (“Samty Group”, listed in Tokyo with stock code 3244) to develop a luxury hotel in Kyoto, Japan. |
|
SHANGRI-LA GROUP FORMS JOINT VENTURE WITH SAMTY GROUP FOR A LUXURY HOTEL IN KYOTO, JAPAN
Shangri-La Group today announced a new joint venture with Samty Co., Ltd (“Samty Group”, listed in Tokyo with stock code 3244) to develop a luxury hotel in Kyoto, Japan. |
Category: Asia Pacific - Japan - Industry economy -
Hotel projects
This is a press release selected by our editorial committee and published online for free on 2021-04-28
The location of the proposed hotel is just north of the Nijo Castle, a UNESCO World Heritage Site, one of the most popular tourist destinations in Kyoto. It is conveniently situated just four kilometres north of Kyoto Station, one of the main gateways into the city. This hotel will be Shangri-La Group’s second hotel in Japan, after Shangri-La Tokyo.
Shangri-La Group’s Chief Executive Officer, Lim Beng Chee said, “We are thrilled with this new partnership with Samty Group. This project brings together Shangri-La Group’s hospitality expertise, and leverages Samty Group’s strong track record in real estate development in Japan, especially in the Kansai region where Kyoto is located. We look forward to working together, and we hope to begin welcoming guests to this new hotel by 2024.”
Samty Group’s Representative Director and President Yasuhiro Ogawa said, “Growing our hotel portfolio is a key strategy in Samty’s business plan. This is our first luxury hotel development, and we look forward to working with Shangri-La Group to seek further opportunities in this sector.”
The parcel of land on which the hotel will be built (the "Property") was acquired by Shangri-La Group in September 2019. On 1 April 2021, Shangri-La Group and Samty Group entered into a sale and purchase agreement (the "SPA") pursuant to which Samty Group acquired an indirect 80% interest in the Property. The remaining 20% interest in the Property will continue to be held by Shangri-La Group. The completion of the SPA is conditional upon the fulfilment of certain conditions precedent and is expected to take place in two tranches by the end of 2021.
About Shangri-La Group
Shangri-La Group is one of the world’s premier developers, owners and operators of hotel and investment properties which comprises office buildings, commercial real estate and serviced apartments/residences. The Group’s other principal activities include hotel management services as well as property development for sale. It currently owns and/or manages over 100 hotels globally in more than 75 destinations under the Shangri-La, Kerry, JEN and Traders brands. Prominently positioned in Asia, the Group has a substantial pipeline of upcoming hotel and mixed-use development projects in Australia, Bahrain, Mainland China, Cambodia, Indonesia and Saudi Arabia.
|
|
