Shangri-La Hotels and Resorts Takes the World by Storm

Look out, Four Seasons. Shangri-La, the largest operator in Asia of deluxe hotels (raking in revenue of about $1 billion a year) is coming to Europe. According to a recent IHT article, the Hong Kong-based company is "on a major expansion spree, with 44 new hotels to be developed over the next four years, and the company is still seeking more sites." Indeed, the chief executive, Giovanni Angelini, personally scouted the ideal spot in Paris for Shangri-La's first luxury hotel in Europe: the historic palace of Prince Roland Bonaparte near the Trocadero. The hotel group is also looking at major American cities and European capitals. Significantly, Shangri-La is the largest operator of luxury hotels in China and is planning to double its current 20 hotels by 2010. To quote Angelini:

"By the year 2020, it is expected there will be more than 100 million Chinese travelers," he said. "Can you imagine the impact? Japan has made a tremendous impact in the industry and it never reached more than 17 million travelers.