Shangri-La opens first property in Mongolia

ULAANBAATAR: Six years after construction began, Shangri- La Hotels and Resorts opened its first property in Mongolia yesterday to target business travellers seeking opportunities in the nation’s nascent mining economy.

The 290-room hotel and adjoining retail and office complex in downtown Ulaanbaatar represent a US$500mil investment, according to MCS Group, Mongolia’s largest conglomerate with real estate and construction businesses, and a joint owner of the development.