KUALA LUMPUR: Boustead Holdings Bhd has agreed to buy the Hyde Park Hotel from Pastel Estate Ltd (PEL) for RM138.98mil.
The property, which comprises the 68-room hotel as well as freehold titles, is strategically located in the Bayswater area of London and has good accessibility to major shopping and tourist attractions as well as public transportation and amenities.
“This is a strategic acquisition, with a view towards strengthening our property portfolio of investments. It also provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said in a statement.
“Given its prime location in central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally and today we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels.”
He added that the acquisition would bring significant synergies to the group for its property investments and hotel business.
The Hyde Park Hotel is currently leased to an operator and would be purchased with the lease.
As at March 31, 2014, Boustead had a paid-up capital of RM517mil while its shareholders’ funds stood at RM5.2bil. Its market capitalisation is currently more than RM5.6bil.
By The Star