KUALA LUMPUR: Malaysia Hotel Hotels for Sale – Gula Perak in RM194M hotel sale.
Gula Perak Bhd is selling two hotels to Time Glory Investment Ltd, a Hong Kong-based company, for a total consideration of RM193.9 million. One of the hotels, the Dynasty Hotel in Kuala Lumpur, belongs to Gula Perak’s wholly owned subsidiary Dynawell Corporation (M) Sdn Bhd and is being sold for RM151 million.
Dynasty Hotel is charged to Universal Trustee (M) Bhd as security for the Redeemable Secured Notes 2003/2008 (RSN).
Meanwhile, The Empress Hotel in Sepang belongs to KSB Requirements & Rest Sdn Bhd, a 70% subsidiary of Gula Perak. The Empress is being sold for RM42.9 million.
Gula Perak said the sale prices were made at the lower end of their valuations, which was done by Messrs Henry Butcher Sdn Bhd on Jan 29.
“The aggregate disposal price of RM193.9 million reflects the lower side of the valuation as the Dynasty Hotel’s business is mainly from low-yielding tour groups from China, India and the Middle East,” the company said in an announcement to Bursa Malaysia.
“The disposal price also took into consideration the prevailing market and economic climate in Malaysia as well as the parameters prescribed under the Trust Deed dated Dec 11, 2002 for the RSN.”
Source: theedge property
For Kuala Lumpur Malaysia Hotel Hotels for Sale enquiries, please fill up the propertrack.com Property Wanted form.
For Malaysia corporate finance services please fill up the mortgagebroker.my complete finance enquiries form.
