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Saturday, December 15, 2007

Syed Yusof, Sultan of Selangor to buy more hotels

Businessman Tan Sri Syed Mohd Yusof Syed Nasir and his partner, Selangor's Sultan Sharafuddin Idris Shah, are planning to buy more hotels abroad to expand their business.

The duo have already bought the five-star Moose Lodge & Golf Resort, sprawled over 40ha in Rotorua, New Zealand, for RM60 million, Syed Yusof said in an interview recently.

They are using ISY Holdings Sdn Bhd as the vehicle for the acquisitions.

ISY Holdings is also the developer for the RM1.6 billion six-star Four Seasons hotel and Four Seasons service apartments in Kuala Lumpur.

Syed Yusof said the company is expected to buy as many as two hotels in Australia next year.

"We are already in talks with hotel operators in Australia," he added.

Syed Yusof, who is the chairman of pipemaker YLI Holdings Bhd, made a small fortune from the takeover of Southern Bank Bhd by Bumiputra-Commerce Holdings Bhd.

He still owns Concorde Hotel Kuala Lumpur, Concorde Hotel Shah Alam, Concorde Inn KLIA and the Planet Hollywood restaurant.

ISY Holdings is now building a 277-room Hard Rock Hotel in Penang for RM130 million, which will be operational by early 2009.

In Malacca, the company is in the midst of building the Casa Del Mar hotel and service apartments for RM65 million. The five-star project will have 54 hotel rooms and 34 apartments.

"We are looking for opportunities to acquire new hospitality projects in Malaysia and overseas and continue with hotel and resort development," Syed Yusof said.

By New Straits Times (by Sharen Kaur)


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