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Royal Group to buy KL hotel from BlackRock for RM388m
IN line with plans to expand across the region, the Royal Group has entered into a sales and purchase agreement to acquire DoubleTree by Hilton Kuala Lumpur for RM388 million (S$144.83 million) from a private real estate fund managed by BlackRock.
With this latest acquisition, the privately held Royal Group will manage a range of properties across Singapore, Malaysia and Australia, comprising residential, industrial, shopping malls, hotels and office towers.
The group is currently working on various other opportunities in Singapore, Malaysia, Australia, Maldives and Europe.
Royal Group chairman Asok Kumar Hiranandani said: "DoubleTree by Hilton Kuala Lumpur is a strong and successful name within the industry and a leader in delivering a warm and rewarding hospitable experience. Adding this property to our portfolio of preferred brands not only broadens our hospitality and lifestyle footprint in Malaysia, but also enables us to accelerate the growth of hotels across Asia."
John Saunders, head of Asia Pacific for BlackRock Real Estate, added: "We are very pleased with the sale of this property following the extensive refurbishment to re-invigorate the original hotel in the upscale Golden Triangle district in Kuala Lumpur."