Shanghai Industrial Holdings Ltd plans to buy two luxury hotels in Shanghai Xintiandi, an area known as ‘the city’s living-room’, sources reported.
The hotels are the HanTang Jumeirah Shanghai and the Conrad Shanghai. Both hotels are owned and developed by Shanghai Li Xing Hotel Co Ltd, which is a joint venture of Hong Kong-based Shui On Group and a local company in Shanghai.
Alibaba reported that HanTang Jumeirah Shanghai will be operated by Jumeirah, the Dubai-based luxury hotel company well known for its luxury hotel Burj Al Arab, which has the shape of a sail. Its neighbor Conrad Shanghai will be managed by Sheraton under its luxury brand Conrad.
The acquisition price and the deal’s deadline will be announced later by SIIC.
In the original plan, both hotels were scheduled to be in operation by the fourth quarter of 2008. The delay was possibly caused by the investors’ liquidity problems amid the financial crisis.