- Monday, 02 July 2012 09:34
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The 563-room Shangri-La Hotel Sydney has been sold by the Government of Singapore Investment Corporation to Shangri-La Asia Ltd for $532 million.
The news comes just after Shangri-La Hotels and Resorts confirmed it would rename the 191-room Holiday Inn Brisbane as a Traders Hotel from 7 August. It will be the first hotel in Australia under the Traders brand.
"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 program, Golden Circle," Shangri-La said in a statement.
Bruno Cristol will move from Penang to take up the general manager role at Traders Brisbane.