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.”