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Friday, July 25, 2014

Boustead buys Hyde Park Hotel in London for RM139m

KUALA LUMPUR: Boustead Holdings Bhd has expanded its properties abroad with the acquisition of Hyde Park Hotel in London for RM138.98 million.

BHB sealed a sale and purchase agreement with Pastel Estate Ltd yesterday to buy the property, which comprises a 68-room hotel as well as freehold titles.

Strategically located in the Bayswater area of London, the property has good accessibility to major shopping and tourist attractions as well as public transportation and amenities, the group said in a statement.

“This is a strategic acquisition with a view to strengthen our property portfolio. Coupled with this, it provides our hospitality business with an opportunity to branch out beyond Malaysian shores,” group deputy chairman and managing director Tan Sri Lodin Wok Kamaruddin said.

“Given its prime location in Central London, the Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London. Over the years, we have grown our portfolio of properties locally, and today, we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels,” he added.

The Hyde Park Hotel is now leased to an operator and will be purchased with the lease.

By Business Times

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