Sunway Pyramid Hotel underwent a RM125mil remodeling work to meet the demand for higher quality accommodations for business and leisure travelers in Sunway City.
KUALA LUMPUR: Sunway Real Estate Investment Trust
(Sunway REIT), through its trustee RHB Trustees Bhd, has entered into a conditional sale and purchase agreement with Sunway Forum Hotel Sdn Bhd to acquire Sunway Clio property for RM340mil in cash.
Sunway Forum Hotel is a wholly-owned subsidiary of Sunway Bhd.
Sunway REIT Management Sdn Bhd, the manager of Sunway REIT, said the property, located at Sunway City in Subang Jaya, Selangor, consisted of a 19-storey four-star hotel comprising 401 rooms known as Sunway Clio Hotel, a three-storey retail space with net lettable area of about 8,211 sq metres (Sunway Pyramid West) and a multi-storey car park with 732 bays.
Sunway REIT Management chief executive officer, Datuk Jeffrey Ng, said the acquisition would further strengthen Sunway REIT’s diversified assets portfolio and capitalise on the business synergies in Sunway City.
“We will be able to offer a complete suite of hotels ranging from four- to five-star hotels within the same vicinity.
“We are confident that the tremendous business synergies within the township, coupled with an experienced hotel operator and facilities management team, will maximise the performance of the property,” he said in a statement.
He said the property was expected to record healthy growth over the longer term supported by strong catchment in the township.
“On completion of the proposed acquisition, Sunway REIT will have a total rooms inventory of more than 1,400 rooms in Sunway City.
“We believe the proposed acquisition is timely to cater to the higher rooms inventory to capture a larger market share,” he said.
He added that upon completion of the acquisition, Sunway REIT’s assets would increase to 16 properties, reinforcing its position as the second largest REIT in Malaysia with a combined property value of RM6.9bil. - Bernama
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