Shangri-La has terminated the Lease Agreement for Shangri-La Hotel, Vienna effective 21st February 2011 due to non-delivery of the building.

The original contract was signed on 30th May 2007 and the contractually anticipated handover date was 30 September 2009. This was postponed by the lessor, Bautraeger Austria Immobilien, BAI several times. Shangri-La was informed on 16th February 2011 by BAI that the scheduled handover on 18th February 2011 was to be postponed and would not occur on that day.

Shangri-la’s first priority is the care of its staff and the company is committed to ease the transition for all current and already hired employees.