Shangri-La's RI option

Shangri-La's RI option

HONG KONG (Reuter): Shangri-La Asia Ltd said in a statement yesterday that its unit Illasa Ltd has been granted an option to buy a stake in an Indonesian company planning to build a hotel in Jakarta.

It said the option, granted by PT Bentala Sanggrahan and PT Anggana Sanggrahan, would give its unit the right to subscribe for an interest of 20 to 33 percent in PT Nusapuri Lestarijaya.

PT Nusapuri Lestarijaya owns a 5,282 sq m parcel in Jakarta, where it plans to build a 450- to 500-room traders' hotel.

Located in the business district in the northern part of the capital city, the US$65 million hotel is expected to open in 1998 and be managed by Shangri-La International Hotel Management Ltd.