Shangri-La will open its second property in Mumbai at the end of the year. It’s first property, Shangri-La – Eros Hotel was launched in Delhi in 2005. Located at the Lower Parel, this hotel will feature 410-rooms and 23-luxury apartments. Facilities include an all-day dining restaurant, members-only Business Club, a health club, spa, conference and a private helipad. “The hotel will be opened in a phased manner and the soft launch is likely by December. We are targeting to open with three restaurants, a little over 50 per cent of the overall guestroom inventory and banqueting space. Work on the balance guestroom inventory will continue and is likely to be completed by April 2012,” said Shishir Shrivastava, group CEO and joint managing director, Phoenix Mills Ltd (PML). Pallazzio Hotel and Leisure Ltd is developing the property. “We have invested close to Rs 625 crore as of now and additional investment of Rs175- 200 crore will be made to complete this property. The equity part has already gone in and we are now drawing down the debt component as and when required based on the extent of work completed,” he added.