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Tuesday, July 1, 2008

Syed Yusof buys Sutra Beach Resort

BUSINESSMAN Tan Sri Syed Yusof Syed Nasir has added another property to his hotel stable, buying the Sutra Beach Resort in Terengganu for RM20 million.

Syed Yusof will purchase the hotel, located in Kg Rhu Tapai, Merang, from Dignity View Sdn Bhd and spend some RM6 million to convert it into a Casa del Mar or a Concorde brand.

The purchase will be done via ISY Holdings Sdn Bhd, a company owned by Syed Yusof and Sultan of Selangor Sultan Sharafuddin Idris Shah.

"We plan to convert the 120 rooms and create a five-star Casa del Mar Terengganu or a four-star Concorde Beach Resort," Syed Yusof told Business Times.

The Casa del Mar hotel chain will be modelled after the successful Mediterranean-inspired maiden venture in Langkawi. Casa del Mar literally means "Home by the Sea" in Spanish.

Concorde Kuala Lumpur, formerly the Merlin Hotel, on Jalan Sultan Ismail was Syed Yusof first hotel venture in 1990. He is also involved in Concorde Inn Sepang and Concorde Hotel Shah Alam.

"The Sutra Beach Resort has 5.06ha of land, of which 2.03ha has been developed. The remaining land will be allocated for the development of suites," he said.

Once the renovation is done and should it be a Casa del Mar, Syed Yusof said he hopes to be able to increase the hotel's average room rate (ARR) to between RM300 and RM400 per night from about RM250 now.

"In Langkawi, our hotel enjoys a 90 per cent average occupancy and an ARR of RM500. We want to bring this new hotel to the level comparable with that in Langkawi," he said.

Meanwhile, another boutique hotel called Casa del Rio or "Home by the River" is being built by ISY Holdings in Malacca.

The company will also open the Hard Rock Hotel, Penang, previously the Casuarina Beach Resort, in early 2009 and has started the development of the Four Seasons Hotel and Service Apartment in Kuala Lumpur.

By New Straits Times (by Vasantha Ganesan)

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