Shangri-La Hotel, Chicago Hotel Project Suspended
MARCH 2, 2009 - Shangri-La Asia Ltd's wholly owned subsidiary SLIM (USA) Inc. signed contracts with Waterview LLC, the project's developer, to provide pre-opening technical assistance services and later to operate the Shangri-La Hotel, Chicago. Under the current economic environment, regrettably, the implementation of the hotel project has been suspended with no indication of when activities will resume.
Accordingly, SLIM (USA) Inc., in exercise of its contractual rights under the agreements, has served a notice on the developer terminating its contracts relating to this project.
Shangri-La's commitment to the North American market remains strong. The group's first North American property opened on January 24, 2009 in Vancouver.
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