Tropicana unit to dispose of Courtyard by Marriott Penang for RM165mil

Courtyard by Marriott Penang

KUALA LUMPUR: Tropicana Corporation Bhd’s (Tropicana) wholly-owned subsidiary, Tropicana Macalister Avenue (Penang) Sdn Bhd is disposing of Courtyard by Marriott Penang for RM165 million to IOI PFCC Hotel Sdn Bhd, an indirect subsidiary of IOI Properties Group Bhd.

Tropicana said the parties had inked the sale and purchase agreement today, adding that the disposal will generate surplus cash of approximately RM80.8 million for the group, which will be utilised to pare down its existing financing facilities.