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Hotel chain ready for America
Latest Updated by 2007-05-14 16:47:44
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Shangri-La Asia Ltd has agreed to buy a 26 percent stake in a luxury hotel in New York for an unspecified amount, the South China Morning Post reported.

The company will also manage the 206-room hotel, which is scheduled to open in 2010, the Hong Kong-based newspaper said, citing a company spokesman it didn't identify. The Manhattan hotel will cost between US$500 million and US$550 million, the paper said.

It will be the first investment by Shangri-La in the US market, the report said. The group, controlled by Malaysian's richest person, Robert Kuok, manages 50 hotels.

Shangri-La Asia is the region's biggest luxury-hotel operator.

Editor: Yan

By: Source: Shanghai Daily web edition
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