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Tuesday, May 22, 2012

Impiana acquiring 20pc stake in Heritage Lane

KUALA LUMPUR: Impiana Hotels & Resorts (IHR), operator of Impiana KLCC Hotel, will take a 20 per cent stake in the owning company Heritage Lane Sdn Bhd.

It expects to sign a share sale deal with Heritage Lane, which is a wholly-owned unit of KLCC (Holdings) Sdn Bhd, within a month.

"We are finalising the deal," IHR chairman Datuk Seri Farouk Abdullah said at the official launch of the new RM100 million 188-room wing.

Farouk had first mentioned that it was negotiating to buy the stake in 2005.

To a question on how much the stake would cost, Farouk said it was being finalised.

IHR also owns and operates Impiana Resort Cherating, Impiana Hotel in Ipoh, Impiana Koh Samui, Impiana Phuket Cabana Resort and Impiana Private Villas Kata Noi, among others.

Meanwhile, group chief executive officer of KLCC Group of Companies Hashim Wahir said Heritage Lane hopes to be able to see return on investments earlier than the usual seven to 10 years taken by a new hotel. This is because the hotel's occupancy is strongly supported by events held at the Kuala Lumpur Convention Centre.

With the addition of the new wing, the hotel has a room inventory of 519.

Meanwhile, Kuala Lumpur Mayor Tan Sri Ahmad Fuad said that the development order had been issued for the Malaysia Truly Asia Attraction, which forms part of the Greater KL initiative.

He said that it was in the midst of relocation some 32 residences from the area.

Kuala Lumpur City Hall, in partnership with Themed Attractions Malaysia, will open the world-class cultural attraction in 2014.

By Business Times

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