Shangri-La Ulaanbaatar Hotel LLC

completed

Shangri-la Asia Limited (“the Sponsor”) is a Hong Kong based international group owning and/or operating 68 luxury hotels around the world. Incorporated at Ulaanbaatar in 1993, MCS Holding LLC (“MCS”) is a leading private company in Mongolia employing about 3,000 staff with business activities in sectors including energy & infrastructure, general manufacturing & services, information & communications, property development, and food and beverage. The Sponsor and MCS are jointly developing a 280 room, 21-storey 5-star hotel in the city center of Ulaanbaatar, Mongolia (“the Project”), which is part of a mixed-use hotel, office and retail complex. Groundwork began in May 2009, and construction work which is undertaken from March to October each year is expected to be completed in 2012. The hotel will be managed by a team appointed by the Sponsor when it goes into operation. IFC has been approached to provide debt financing of up to $50 million to support the Project.