MUI seeks buyer for Corus Hotel Hyde Park in London

KUALA LUMPUR: Malayan United Industries Bhd (MUI) is seeking to sell Corus Hotel Hyde Park in London.

The company, in a filing with Bursa Malaysia today, said its indirect wholly owned unit Corus Hotels Ltd (CHL) has appointed N.M. Rothschild & Sons Ltd, an international investment bank, as its financial adviser on the sale.

"The appointment of Rothschild is to assist CHL in exploring strategic options for the asset as well as to ensure that only credible international investors are shortlisted and considered," it said.

A news report in the UK valued the hotel at about £200mil (RM1.07bil).

MUI said today that the proposed disposal was in line with the group’s strategy to rationalise the business, pare down its overall bank borrowings, and unlock value for its shareholders.

"Hospitality will continue to be a core business of the group. However, the group will be adopting a more focussed strategy that will be more lifestyle driven and perhaps asset-light to grow its hotel business," it said.

In addition to its hotel business, the group is progressing into other segments of the hospitality business such as Laura Ashley tea rooms, cafes and spas.

"As recently announced by chairman and chief executive officer, Andrew Khoo Boo Yeow, the rationalisation of assets, which includes selected asset disposals, will form part of the group’s business transformation strategy," it said.