Shangri-La Partners Samty Group for Second Hotel in Japan

(28 Apr 2021)
Shangri-La has entered into a new joint venture with
Samty Co., Ltd to develop a luxury hotel in Kyoto, Japan.

The location of the proposed hotel is just north
of the Nijo Castle, an UNESCO World Heritage Site and one of the
most popular tourist destinations in Kyoto.

The hotel, which will be Shangri-La’s second hotel
in Japan after Shangri-La Tokyo, will be situated just four
kilometres north of Kyoto Station, one of the main gateways into
the city.


Lim Beng Chee, Shangri-La Group’s Chief Executive
Officer, said, “We are thrilled with this new partnership with
Samty Group. This project brings together Shangri-La Group’s
hospitality expertise, and leverages Samty Group’s strong track
record in real estate development in Japan, especially in the
Kansai region where Kyoto is located. We look forward to working
together, and we hope to begin welcoming guests to this new hotel
by 2024.”

The parcel of land on which the hotel will be
built was acquired by Shangri-La in September 2019. On 1 April
2021, Shangri-La and Samty Group entered into a sale and purchase
agreement (SPA) pursuant to which Samty Group acquired an indirect
80% interest in the property. The remaining 20% interest will
continue to be held by Shangri-La Group. The completion of the SPA
is conditional upon the fulfillment of certain conditions
precedent and is expected to take place in two tranches by the end
of 2021.

Yasuhiro Ogawa, Samty Group’s Representative
Director and President, said, “Growing our hotel portfolio is a
key strategy in Samty’s business plan. This is our first luxury
hotel development, and we look forward to working with Shangri-La
Group to seek further opportunities in this sector.”

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