The four-star Hydro Hotel Penang in Batu Ferringhi is up for sale for an estimated RM100 million, sources say.
The property, previously known as Hydro Majestic Hotel and before that Ferringhi Beach Hotel, was bought by the Mah family of Penang in early 2006 from Asia Pacific Land Bhd.
The 350-room property, now 28 years old, was bought for RM43 million.
It is understood that Hydro Hotel underwent a RM20 million facelift after the acquisition.
The Mah family, whose activities include property development, has been in the hotel business for over 10 years, with hotels in Australia and China.
Nick Mah Siew Chean, the executive director of his family's group of companies which include the Mercure Majestic Hotel in Kunming, did not deny that the property was up for sale when contacted several weeks ago.
He said that it was willing to consider the sale if the price was right.
One source said that the owners had voiced their intention to sell the property almost a year ago and that several potential buyers had viewed it.
However, Business Times could not reach Nick yesterday.
A few years ago, the family bought the abandoned hotel building in Jalan Kia Peng, Kuala Lumpur, completed it and ran it as the Novotel Hydro Majestic. The hotel was later sold to Pulai Springs Bhd.
In April this year, Pulai Springs, of which Nick is the executive director, sold the Novotel Hydro Majestic to The Nomad Residences Sdn Bhd.
By Business Times (by Vasantha Ganesan)