Shangri-La buys Cairns resort complex
Published on Apr 20, 2011
Shangri-La Asia Limited, the Hong Kong-based luxury hotel group, has entered a joint venture with Abelian Proprietary Limited to acquire Queensland resort complex, 'The Pier at The Marina'. The complex consists of the 255-room Shangri-La Hotel The Marina, Cairns and The Pier shopping complex.
The transaction was completed on 31 March 2011, with Shangri-La acquiring a 55% interest. Shangri-La will continue to operate the hotel, which it previously operated under management agreement since 2004.
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