Shangri-La JV developing $250M Ghanaian project

A JV between Singapore-based Perennial Real Estate and Shangri-La are seeking to develop a mixed-use development including a hotel property in Ghana, estimated at $250 million, DealStreetAsia reports. The development in Accra is expected to include a hotel, shopping mall, residential towers, office tower, and serviced apartments.

Perennial is a real estate owner, developer and manager that focuses on large, mixed-use developments primarily in China and Singapore, AFK Insider notes. It also manages a four-million-square-foot waterfront development in Penang, Malaysia.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Hong Kong-based Shangri-La owns and operates hotels under the brand names Shangri-La, Hotel Jen, Traders, Kerry, Rasa, Summer Palace, and Shang Palace.

Perennial paid $15.2 million for a 55 percent stake of the site in Accra from Shangri-La, which owns the 12.3 acre plot, according to DealStreet.

Management will be jointly by Perennial and Shangri-la Asia, though the hotel property will be solely managed by a subsidiary of Shangri-La.

The development is expected to be complete in 2019, according to DealStreetAsia.

Suggested Articles

During the final day of AAHOA’s online conference, several owners gathered to discuss how their properties are handling the crisis. 

The dual-brand development is located on the Tempe campus of Arizona State University near athletic facilities and the planned multi-sports arena.

The St. Joe Company and BRW MidGrove will develop the Lodge 30A, a boutique hotel in Seagrove Beach, Fla.