Shangri-La plans new resort in southeastern China

In China, Shangri-La International is developing a new city resort in Zhoushan, Zhejiang province. Targeted to open in 2019, the 300-room property will be located in the middle of the city’s new municipal area.

Separated from the mainland by a narrow body of water, Zhoushan is made up of islands and lies across the mouth of the Hangzhou Bay. Traditionally being the largest fishery in China, its economic base has been diversified with the development of secondary and tertiary industries in recent years.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Hong Kong-based Shangri-La Hotels and Resorts currently owns and/or manages 95 hotels under the Shangri-La brand with more than 39,000 rooms. The group has a substantial development pipeline with upcoming projects in Mainland China, Cambodia, Hong Kong, India, Myanmar, Philippines, Saudi Arabia and Sri Lanka. 

The expansion is a positive sign for Shangri-La, which reported net losses for the first half of 2015 and said a weak outlook for the global economy and the depreciations of the Chinese renminbi would likely result in deeper losses. The company reported a net loss of U$900,000 for the first six months of the year, down from net profits of $37.8 million in the same period in 2014. Losses in China alone were $34.3 million compared to $15.5 million.

Suggested Articles

Accor has committed to eliminating all single-use plastics which formed part of the guest experience by 2022.

Formerly Driftwood Acquisitions & Development, Driftwood Capital has secured new capital allowing $3 billion in deployments over five years.

Accor has signed with Sabre to create a new product combining property management and central reservation systems, which it hoped would drive growth.