A new Shangri-La Hotels and Resorts property is set to open its doors in Melbourne in 2022 as part of the upcoming two-tower luxury development at 308 Exhibition Street in the city’s central business district.

The announcement follows the signing of an agreement between the hotel group and Malaysian property developer S P Setia Berhad Group, which is behind the new upscale development that is currently under consideration for planning approval.

Shangri-La is currently eyeing a capacity of about 500 guestrooms at the as-yet-unnamed hotel. Three floors of amenities are also planned – notably including a sky lobby, restaurants, spa, fitness centre, pool, and meetings and events facilities.

The hotel will be connected to the second tower, which will feature office space and approximately 300 high-end residential apartments, with the lower levels of the development being dedicated to retail.

The new Shangri-La is the latest in a number of properties in the Victoria capital that have opened or been announced so far this year. In February, W Hotels confirmed it would be adding its second property in the city to its portfolio in 2020, while in March, Four Points by Sheraton opened the doors of its new 273-room hotel in Melbourne’s redeveloped Docklands area.