Joint Venture Develops $250M Hotel Property In Ghana

Joint Venture Develops $250M Hotel Property In Ghana

Singapore-based-and-listed firm Perennial Real Estate has formed a joint venture with Shangri-La Asia to develop a mixed-use development including a hotel property in Ghana, estimated to be worth $250 million, DealStreetAsia reports.

The development in Accra is expected to include a hotel, shopping mall, residential towers, office tower, and serviced apartments, according to statements from Perennial.

Perennial is a real estate owner, developer and manager listed on the Singapore Exchange that focuses on large, mixed-use developments primarily in China and Singapore. It also manages a 4-million-square-foot (371612 square meter) waterfront development in Penang, Malaysia.

Hong Kong-based Shangri-La Asia is an investment holding company that owns and operates hotels and associated properties worldwide under the brand names Shangri-La, Hotel Jen, Traders, Kerry, Rasa, Summer Palace, and Shang Palace.

Hotel property in Ghana

Perennial paid $15.2 million for a 55 percent stake of the site in Accra from Shangri-La Asia, which owns the 12.3 acre plot, according to DealStreet.

Management will be jointly by Perennial and Shangri-la Asia, though the hotel property will be solely managed by a subsidiary of Shangri-La Asia.

The development is expected to be complete in 2019, according to DealStreetAsia.