Melbourne’s glitzy Shangri-La Hotel could have a new co-owner within weeks, with Malaysian real estate developer SP Setia poised to sell half of the tower to an unlisted credit fund at a $500 million-plus valuation.
Street Talk understands sell-side advisers Deloitte and Colliers are in the process of signing a binding contract with a party who will take ownership of 50 per cent of the five-star, 60-storey hotel that the pair has shopping around as a competitor to the iconic Crown Melbourne.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
