Jumeirah Delays First China Hotel Project

HONG KONG/SHANGHAI - Dubai-based Jumeirah has delayed plans to open a first hotel in China due to the tough financial climate and slowdown in business travellers, hotel industry sources said on Friday.

By (Reuters)

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Published: Sun 25 Jan 2009, 12:28 AM

Last updated: Sun 5 Apr 2015, 10:25 PM

Jumeirah, one of the world’s top luxury hotel operators, missed its original target to open the planned 338-room Jumeirah Han Tang Xintiandi Hotel in downtown Shanghai in late 2008. Jumeirah manages 11 hotels for investors — eight in Dubai, including the sail-shaped Burj Al Arab hotel.

The company has now re-scheduled the launch of its Shanghai hotel to late this year, Aslada Gu from Upstream Asia, which handles media relations for Jumeirah in China, said in an email in response to inquiries from Reuters.

The controlling shareholder of the Jumeirah Han Tang project is Leo Investment, a real estate-focused investment firm run by businessman Leo Koguan, and Hong Kong developer Shui On Group is a minority shareholder with a 15 percent stake in the project, said Brenda Yau, a Shui On spokeswoman.

“Unavoidably, the financial and property markets are currently affected by the worldwide economic meltdown,” Yau said. But she also said Shui On sees expansion opportunities in tough times through consolidation of resources and efficiencies.

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