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Monday, October 31, 2011

Kosmopolito to expand in Malaysia

Hong Kong's Kosmopolito Hotels International is optimistic of Malaysia and growth in the three- and four-star hotel category

Kuala Lumpur: Hong Kong's Kosmopolito Hotels International Ltd (KHI) aims to expand its hotel portfolio in Malaysia, either by building properties from scratch or taking over abandoned buildings.

President Winnie Chiu Wing Kwan said the company may also buy hotels that are not performing well, and turn around the properties by strategising on its key brands.

"We like distress properties and are interested in three- and four-star hotels. We believe in turning around. Our group also has the experience to convert industrial and office buildings into hotels, so there are a lot out there for us.

"We are optimistic of Malaysia and growth in the three- and four-star hotel category. Budget airlines like AirAsia and FireFly have revolutionised this place and contri-buted to industry growth," Chiu told Business Times in an interview recently.

Currently, KHI has five hotels in Malaysia - Dorsett Regency Hotel Kuala Lumpur, Grand Dorsett Subang, Grand Dorsett Labuan, Dorsett Johor and Maytower Hotel and Serviced Residences - all opera-ting in the three- and four-star ca-tegories.

Chiu said the company is looking to set up more hotels in the Klang Valley and Sabah.

KHI is also interested in management contracts to boost income, she said.

By the third quarter of next year and in 2013, the company expects to manage two new hotels under Malaysia Land Properties Sdn Bhd (Mayland) in Cheras and at Plaza Damas 3 in Sri Hartamas, Kuala Lumpur.

In Cheras, Mayland had acquired Phoenix Plaza, now called Cheras Central Shopping Mall, in 2009 for some RM80 million.

Mayland is re-modelling the complex for more than RM120 million and the new set-up will include a shopping mall and a four-star hotel, which will operate under the Dorsett Regency brand.

At Plaza Damas 3, MayLand is also building a four-star hotel, which will carry the same brand name.

By Business Times

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