New  Delhi,  October  27,  2003  --  Asia's leading luxury hotel group, Shangri-La  Hotels and Resorts, announces its initial foray into the Indian market  with the signing of a new management agreement with Hotel Excelsior Private Limited, a member of the Eros Group of India, for a hotel in New Delhi.  Opening in December 2004, the 354-room deluxe Shangri-La Hotel, New Delhi  will  be  the former Hotel Kanishka, which is currently closed for a massive renovation costing over US$30 million.

Re-designed   by   the  renowned  Hong  Kong-based  Chhada,  Siembieda  and Associates  Ltd,  the  17-story  hotel  is  centrally located in landscaped gardens  in  the  historic  government  district  and  40  minutes from the airport.  It is within a one and a quarter mile radius of Parliament House, the Presidential Palace, Rashtrapati Bhawan and the bustling commercial and shopping district of Connaught Place.

Commenting  on  the  group's  first  hotel  in  India,  Giovanni  Angelini, Shangri-La's  chief  executive  officer and managing director, said: "India represents  an  exciting new opportunity for Shangri-La and forms a turning point  in  our  expansion  strategy. It clearly complements our decision to open an exclusive eco-orientated resort in the Maldives, which will open at the  end  of  next year.  The Shangri-La Hotel, Delhi will hopefully be the first  of  several  hotels  in India and we look forward to our partnership with Hotel Excelsior Private Limited."

Jagdish  Rai  Sood,  chairman of Hotel Excelsior Private Limited, said: "We selected  Shangri-La  to  operate  our  hotel  due  to  the strength of the award-winning  brand  and  its  reputation for highly personalized service.  The  group  will  introduce our hotel to its loyal clientele, including its rapidly  growing  Golden  Circle  membership  and  its network of worldwide offices."

The contemporary-styled Shangri-La Hotel, New Delhi will feature high-speed Internet  access and wireless LAN throughout the hotel as well as three new meeting rooms and a 4,850 square-foot ballroom divisible into three.  There will be two restaurants: a coffee shop with a porch terrace overlooking the new  outdoor  pool  and an Asian eclectic restaurant serving Chinese, Thai, Malay and Japanese cuisine.

The three top floors of the hotel will be Horizon Club floors, Shangri-La's exclusive  retreat  for  frequent  travelers  offering  a  host  of special privileges  and amenities, comprising 69 rooms and an exclusive lounge.  In addition,  there  will  be a brand new health club and spa featuring a gym, treatment rooms, sauna, steam room and Jacuzzi.

The  Eros Group is a name synonymous with real estate development in India.  Backed  by  over  five  decades  of  expertise,  the Eros Group's interests include   the  five-star  Hotel  InterContinental  Parkroyal  Nehru  Place, International Trade Tower & American Plaza, residential buildings, cinemas, commercial complexes and a shopping plaza.

Hong  Kong-based  Shangri-La Hotels and Resorts currently manages 41 hotels in  Australia,  mainland  China,  Fiji,  Hong  Kong,  Indonesia,  Malaysia, Myanmar,  Philippines,  Singapore,  Taiwan,  Thailand  and  the United Arab Emirates,  with  a rooms inventory of over 21,000.  It has over 20 projects under  development  in mainland China, Malaysia, Maldives, the U.A.E., Oman and Qatar.