shangri-la

Shangri-La Istanbul to Open in 2012

Shangri-La Hotels and Resorts is making its first foray into Istanbul, Turkey, having signed an an agreement with Tanriverdi Holding Company to manage a new hotel, slated to open in April 2012.

The hotel will be on the site of a former tobacco company and warehouse which dates to the 1930s, the exteriors are protected by the city's Cultural and Natural Assets Committee. I'll be interested to see how this goes, for in order to preserve the historic façade, seven of the hotel's 14 stories will be built underground. (Presumably, of the 200 rooms planned, these won't be the rooms that will have private terraces.)

A rooftop restaurant and bar is planned, as well as a health club,spa, swimming pool, business center, ballroom, and conference and meeting room facilities. The hotel will be in the same neighborhood as the beautiful Dolmabahce Palace, and should be well-located for business travelers.

Tags: hotels, istanbul, new hotels, shangri-la

Waterview Tower Is Selling But Will Anyone Buy?

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

Back in March, I mentioned the unfinished Waterview Tower and Shangri-La Hotel project in Chicago. Now CB Richard Ellis Inc.has an unenviable task, finding a potential buyer for the stalled project. The firm is seeking potential investors willing to take on the unfinished building which is, as Chicago Business calls it "a 26-story concrete monument symbolizing the excesses of the real estate boom."

Whoever takes on the project is facing a bit of a mess. The developer, an affiliate of Chicago-based Teng & Associates Inc., ran out of money last year and Bank of America has has filed to foreclose on the tower seeking to get back a $20-million loan. Construction firms have also said that they're owed a combined $85 million. Teng and the project's creditors have all signed off on the decision to sell the property hoping to get back whatever money they can. While CB Richard Ellis hasn't put an asking price on the project whatever it sells for probably won't allow anyone to break even. Some have gone as far as to say that it's worthless and that the city has more than enough condo and hotel space right now. Others point out that it does include space for a 492-car garage and zoning would allow for a 90-story building, the original plan.

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Tags: chicago, shangri-la, waterview tower, WaterviewTower