Shangri-La International Hotel Management Ltd. and Oxley Gem (Cambodia) Co. Ltd. have signed a Memorandum of Understanding in relation to the management and operation of the first Shangri-La hotel in Phnom Penh, Cambodia. Oxley Gem is a strategic partnership between Singapore-based Oxley Holdings Limited and the Cambodian firm WorldBridge Land. Under the terms of the agreement, Oxley Gem will grant Shangri-La a 60-day exclusivity period to negotiate the management of the hotel.

Construction of the Shangri-La hotel is slated next year with the hotel expected to open in 2019. The luxury hotel, with a proposed design of 300 rooms, will be part of a new mixed-use development located along the Mekong River facing Diamond Island - just a few minutes by taxi from the Diamond Island Convention and Exhibition Centre. In addition to the hotel, the development will house serviced offices, residences and a shopping center.

The hotel will have panoramic views of the city and an array of facilities, including a number of food and beverage outlets as well as event and meeting spaces. It will be conveniently located near the capital city's main sightseeing attractions as well as Preah Sisowath Quay, a popular restaurant and nightlife district.

Ching Chiat Kwong, Executive Chairman and CEO of Oxley Holdings, said "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."

"Given Shangri-La's well-established presence in Southeast Asia, we are excited to add a property in Phnom Penh to our portfolio and further expand our offerings in the region," said Shangri-La President and CEO Greg Dogan.

Worldbridge Land Chairman, Oknha Rithy Sear, said, "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."

About Oxley Gem (Cambodia) Co., Ltd

Oxley Gem (Cambodia) Co., Ltd. ("Oxley Gem") was formed in July 2013 for the purpose of developing a mixed-use development comprising of Retail, Hotel, Residential and Commercial in Phnom Penh, Cambodia. Oxley Gem is 75% owned by Singapore lifestyle property developer, Oxley Holdings Limited, and 25% owned by Worldbridge Land (Cambodia) Co., Ltd, a leading property company in Cambodia.

About Shangri-La Group

Shangri-La Group is one of the world's premier developers, owners and managers of hotel and investment properties which comprises office buildings, commercial real estate and serviced apartments/residences. The Group's other principal activities include hotel management services as well as property development for sale. It currently owns and/or manages over 100 hotels globally in 78 destinations under the Shangri-La, Kerry, JEN and Traders brands. Prominently positioned in Asia, the Group has a substantial pipeline of upcoming hotel and mixed-use development projects in Australia, the Chinese mainland, Cambodia, and Japan. For more information, please visit https://www.shangri-la.com/group/.