YTL REIT to develop hotel in Japan for RM199mil

PETALING JAYA: YTL Hospitality Real Estate Investment Trust (YTL REIT) is proposing to develop a hotel in Aza-Soga, Niseko-cho, Abuta-gun, Hokkaido, Japan for an estimated total development cost of RM199mil.

In a filing with Bursa Malaysia, YTL REIT said it is developing a five-storey hotel with a two-storey basement under the Moxy brand name, which is a segment of Marriott’s millennial-focused brand (Moxy Niseko).

“Moxy Niseko will have 310 rooms and a gross floor area of approximately 10,354 sq metres upon completion.”

Upon completion of the proposed development, Moxy Niseko will be leased to YTL Corp Bhd under a variable rental arrangement.

“This will allow YTL REIT to participate in the operating income generated from Moxy Niseko, which is expected to enhance the earnings and distributable income of YTL REIT,” it said.