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Tuesday, April 22, 2008

Moves to buy IGB's MiCasa

IGB Corp Bhd has been approached by several parties to buy all or part of the MiCasa All Suite Hotel in Kuala Lumpur.

Sources told Business Times that several parties, including listed property entities, had approached IGB to buy into the 242-suite hotel.

"IGB is exploring various options. They are looking to either sell the entire property or a stake to a strategic partner that can elevate the property to a higher level comparable to hotels like Four Seasons and Hyatt, which is opening in the area," a source said.

The property in Jalan Tun Razak could go for as much as RM230 million, the source added.

IGB officials could not be reached for confirmation.

Business Times reported in January that IGB was closing its doors to undergo a RM50 million renovation and refurbishment, and that it would consider selling the MiCasa for at least RM175 million.

The renovation was expected to take some 18 months, and the hotel would likely reopen in the middle of next year.

The 20-year-old building is undergoing an extensive upgrade of all its rooms, pool deck and public areas. It will be revitalised as a five-star luxury all-suite hotel.

IGB has a stable of hotels in various cities, including the St Giles Hotel in London in the UK; MiCasa All Suite Hotel in Yangon, Myanmar; and New World Hotel in Ho Chi Minh City, Vietnam.

The group also runs the Cititel hotel chain in Penang and Kuala Lumpur as well as the Boulevard and Cititel Express hotels.

New openings include the five-star The Gardens Hotel and Serviced Apartments at Mid Valley City in Kuala Lumpur and the St Giles in Manila in the Philippines.

By New Straits Times (by Vasantha Ganesan)

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