Shangri-La Asia has confirmed it is eyeing the Australian market for further investment opportunities following its acquisition of the Shangri-La Sydney and Holiday Inn, Brisbane earlier this week.
The hotel group revealed it intended to open in other gateway cities and was “very optimistic” about the hotel industry in Australia.
It said the Sydney and Brisbane deals, along with its current majority stake in the The Marina, Cairns, demonstrated a “substantial financial commitment” to the market.
“These hotels located in key strategic cities signify the group’s intention to establish its hotel brands in the continent and expand in other gateway destinations when the opportunity arises,” a statement said.
Meanwhile, the hospitality firm confirmed discussions are currently underway to renovate selected parts of the Holiday Inn which it will rebadge under its Traders brand.
Work will take place in 2013, although it disclosed no further details.
Australia is Shangri-La’s third largest market behind China and the US.
