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Shangri-La is one step closer to launching its first hotel in Phnom Penh

Shangri-La and Oxley Gem co Ltd have signed a Memorandum of Understanding granting Shangri-La a 60 day exclusivity period to negotiate the management of a 300-room luxury hotel in Cambodia's Phonm Penh. The agreement is a key milestone for Shangri-La as it brings the firm one step closer to launching its first ever hotel in Cambodia.

Shangri-La is one step closer to launching its first hotel in Phnom Penh

The luxury holiday experience will soon be coming to Cambodia’s Phnom Penh with Shangri-La one step closer to launching its very first hotel in the Southeast Asian country. Hong Kong based Shangri-La has recently signed a Memorandum of Understanding (MoU) with Cambodia’s Oxley Gem Co. Ltd granting Shangri-La a 60-day exclusivity period to negotiate the management of what will likely be one of the leading luxury hotels in Cambodia.

Of the MoU, Oknha Rithy Sear of Oxley Gem stated,

“Developing a hotel in Phnom Penh has always been on our blueprint. The signing of Memorandum of Understanding with Shangri-La is an attestation of our commitment to introduce luxury hospitality experience in Phnom Penh”.

The eagerly anticipated luxury hotel will form part of a mixed use development. The hotel is currently slated to have 300 rooms and will make good use of its scenic setting along the Mekong River, with each room featuring panoramic views of the city. Construction at the hotel is scheduled to begin next year, but travellers planning to book luxury holidays in Cambodia will have to wait till 2019 to stay at the Shangri-La. Despite the fact that the launch is a few years away, the signing of the MoU is an important milestone for Shangri-La especially as it seeks to strengthen its position in the region.

Greg Dogan, President and CEO of Shangri-La explained;

"We are excited about the prospect of developing the first Shangri-La branded hotel in Cambodia. We look forward to working closely with the Shangri-La team to inject more life and vitality into the heart of Phnom Penh."

Tourism is a key contributor to Cambodia’s national economy accounting for 16 per cent of the country’s GDP in 2013. Every year millions of travellers visit Cambodia with its two UNESCO World Heritage List sites- the Angkor Wat Temple and the Preah Vihear Temple the key attractions. Recent statistics reflect a 5 per cent increase in the number of foreigners spending their holidays in Cambodia in the period January- September 2014 when compared to the same period in 2013.

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