YTL REIT acquires hotel in Ipoh for RM55mil

PETALING JAYA: YTL Real Estate Investment Trust (YTL REIT) is acquiring Syuen Hotel in Ipoh, Perak from Syuen Hotel Bhd for RM55mil.

In a filing with Bursa Malaysia, YTL REIT said the 13-storey standalone hotel building has 290 rooms and ceased operations in May 2020. It was categorised as a 4-star hotel.

“The property will be renovated and proposed to be reopened under the AC Hotels by Marriott brand, which the board believes will create value for YTL REIT. The property will be leased under a variable rental arrangement where YTL REIT will participate in the income to be generated from the property.”

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

YTL REIT , Syuen Hotel , Ipoh , Marriott


Next In Business News

CIMB’s succession planning coming into sharp focus
Quebec pension hit with real estate loss as ‘hostile’ market persists
Strong earnings visibility for Matrix Concepts
TRX takes the spotlight
Japan takes Taiwan’s helping hand in chip ops
TM sets sights on even stronger growth this year
Soul-searching for ringgit solutions
Central Europe shoppers still shell-shocked
UMWT to drive green mobility growth
Sarawak’s new energy play gains more attention

Others Also Read