chicagorealestatedaily.com reported Shangri-La’s statement: “Under the current economic environment, regrettably, the implementation of the hotel project has been suspended with no indication of when activities will resume,” “Accordingly, (Shangri-La’s U.S. subsidiary), in exercise of its contractual rights under the agreements, has served a notice on the developer terminating its contracts relating to this project.”
The property was scheduled to open late 2009, however earlier this year there were already clear signs that a severe delay was expected. Now the plans are officially off the table.
Chicago-based Teng & Associates Inc. was not available for comments.
Earlier this year the Hong Kong based company pulled the plug for the NYC development for various reasons.
According to several newswires, Shangri-la is not the only one to walk away from the NYC hotel scene, Orient-Express Hotels from London pulled out of their NYC development last month as well.
Shangri-La Hotels & Resorts doesn’t slow down their expansion drive with the recent signing of a new hotel in Moscow, Russia and opening of a resort in the Maldives.
The company also remains committed to its expansion plans in North America with the recent succesful opening of Vancouver Shangri-La.
For more please visit http://www.4hoteliers.com/4hots_nshw.php?mwi=5997